US oil rig count drops

The number of total rigs drilling for crude oil and natural gas fell by two to 586 units last week, according to Baker Hughes.

The number of oil rigs fell by two to 483. Meanwhile, gas rigs rose by one to 98. There were also five miscellaneous rigs in operation, one less than the previous week.

The total US oil and gas rig count was down by 56, or 9% from a year earlier.

By Debarati Bhattacharjee

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