US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US decreased by one to 543 units last week, according to Baker Hughes.

The number of oil rigs gained by one over the week to 410, while gas rigs declined by two to 122.

There were also 11 miscellaneous rigs in operation – unchanged from the week earlier.

The total number of US oil and gas rigs was down by 37, or around 6% compared to a year earlier.

By Aparupa Mazumder

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