US rig count continues to drop

The total number of rigs drilling for crude oil and natural gas in the US declined by two to 537 units last week, according to Baker Hughes.

The total number of oil rigs fell by one over the week to 424, while gas rigs remained unchanged at 108.

There were also five miscellaneous rigs in operation, one lower than the previous week.

The total number of US oil and gas rigs was down by 47, or about 8% lower, as compared to a year earlier.

By Aparupa Mazumder

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