US oil rig count slips again

The number of rigs drilling for crude oil and natural gas in the US fell by two to 621 units last week – the highest in eight weeks, according to Baker Hughes.

PHOTO: Oil fracking drill rig in the Permian Basin in West Texas, US. Getty Images

The number of oil rigs dropped by two units to 497 – the lowest in four weeks.

The US natural gas rig count remained unchanged at 124.

There were also three miscellaneous rigs in operation – unchanged for a sixth week in a row.

The total oil and gas rig count in the Permian Basin in Texas - the biggest US oil field – dropped by one unit to 312.

The total US oil and gas rig count was down by 139, or 18%, from a year earlier.

By Debarati Bhattacharjee

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