US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US dropped by two to 540 units last week, according to Baker Hughes.

The total number of oil rigs fell by five over the week to 410, while gas rigs gained by two to 124.

There were also six miscellaneous rigs in operation, one more than the previous week.

The total number of US oil and gas rigs was down by 46, or about 8% lower, as compared to a year earlier.

By Aparupa Mazumder

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