US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US has declined by one to reach 538 units last week, according to Baker Hughes.

The total number of oil rigs fell by one over the week to 411, while gas rigs remained unchanged at 122.

There were also five miscellaneous rigs in operation, the same as the previous week.

The total number of US oil and gas rigs was down by 47, or about 8% lower, as compared to a year earlier.

By Aparupa Mazumder

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