US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US have decreased by three to 545 units last week, according to Baker Hughes.

The number of oil rigs remained unchanged over the week at 411, while gas rigs declined by three to 127.

There were also seven miscellaneous rigs in operation – the same as the previous week.

The total number of US oil and gas rigs was down by 38, or around 6.5% compared to a year earlier.

By Aparupa Mazumder

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