US rig count continues to decline

The total number of rigs drilling for crude oil and natural gas in the US fell by two to 576 units last week, according to Baker Hughes.

The total number of oil and gas rigs fell by one each over the week, to 473 and 100, respectively.

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 28, or decreased by 4.6%, as compared to a year earlier.

By Aparupa Mazumder

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