US rig count slumps

The total number of rigs drilling for crude oil and natural gas in the US declined by ten to 566 units last week, according to Baker Hughes.

The total number of oil rigs fell by eight over the week to 465 and gas rigs declined by two to 98.

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 34, or decreased by 5.6%, as compared to a year earlier.

By Aparupa Mazumder

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