US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US has declined by one to 550 units last week, according to Baker Hughes.

The number of oil rigs moved lower by two over the week to 407, while gas rigs gained by one to 134.

There were also nine miscellaneous rigs in operation, the same as a week earlier.

The total number of US oil and gas rigs was down by 43, or around 7.2% compared to a year earlier.

By Aparupa Mazumder

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