US rig count plunges

The total number of rigs drilling for crude oil and natural gas in the US declined by four to 555 units last week, according to Baker Hughes.

The total number of oil rigs fell by three over the week to 439 and gas rigs declined by one to 113.

There were also three miscellaneous rigs in operation, unchanged from the previous week.

The total number of US oil and gas rigs was down by 35, or about 6% lower, as compared to a year earlier.

By Aparupa Mazumder

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