US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US declined by three to 563 units last week, according to Baker Hughes.

The total number of oil rigs fell by four over the week to 461, while gas rigs gained by one to 99.

There were also three miscellaneous rigs in operation, unchanged from the previous week.

The total number of US oil and gas rigs was down by 37, or decreased by 6.2%, as compared to a year earlier.

By Aparupa Mazumder

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