US rig count holds firm

The total number of rigs drilling for crude oil and natural gas in the US has remained unchanged at 588 units last week, according to Baker Hughes.

The number of oil rigs declined by five over the week to 447, while gas rigs moved five units higher to 132.

There were also 9 miscellaneous rigs in operation – the same as the previous week.

The total number of US oil and gas rigs was up by 52, or around 10%, compared to a year earlier.

By Aparupa Mazumder

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