US rig count drops again

The number of total rigs drilling for crude oil and natural gas fell by one to 585 units last week, according to Baker Hughes.

The number of oil rigs remained unchanged at 483, while gas rigs fell by one to 97.

There were also five miscellaneous rigs in operation, unchanged from the week prior.

The total US oil and gas rig count was down by 47, or 7% from a year earlier.

By Debarati Bhattacharjee

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