US rig count declines

The total number of rigs drilling for crude oil and natural gas in the US dropped by two to 542 units last week, according to Baker Hughes.

The total number of oil rigs fell by seven over the week to 415, while gas rigs gained by five to 122.

There were also five miscellaneous rigs in operation, unchanged from 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 Shilpa Sharma

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