US rig count plunges

The total number of rigs drilling for crude oil and natural gas in the US declined by seven to 547 units last week, according to Baker Hughes.

The total number of oil rigs fell by six over the week to 432 and gas rigs declined by two to 109.

There were also six miscellaneous rigs in operation, one more than the previous week.

The total number of US oil and gas rigs was down by 34, or about 6% lower, as compared to a year earlier.

By Aparupa Mazumder

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