US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US fell by six to 578 units last week, according to Baker Hughes.

The total number of oil rigs fell by five to 474, while gas remained unchanged at 101 on the week.

There were also three miscellaneous rigs in operation, one lower than the previous week.

The total number of US oil and gas rigs was down by 25, or decreased by 4.1%, as compared to a year earlier.

By Aparupa Mazumder

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