US rig count continues to decline

The total number of rigs drilling for crude oil and natural gas in the US declined by eight to 539 units last week, according to Baker Hughes.

The total number of oil rigs fell by seven over the week to 425 and gas rigs declined by one to 108.

There were also six miscellaneous rigs in operation, unchanged from the previous week.

The total number of US oil and gas rigs was down by 46, or about 8% lower, as compared to a year earlier.

By Shilpa Sharma

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