US rig count drops for third consecutive week

The number of total rigs drilling for crude oil and natural gas fell by two to 583 units last week, according to Baker Hughes.

The number of oil rigs remained unchanged at 483 for the third consecutive week, while gas rigs fell by two to 95.

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

The total number of US oil and gas rigs was down by 48, or 8%, from a year earlier.

By Debarati Bhattacharjee

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