US rig count declines

The total number of rigs drilling for crude oil and natural gas in the US decreased by two to 544 units last week, according to Baker Hughes.

IMAGE: Crude oil storage facility. Getty Images

The number of oil rigs dropped by three over the week to 409, and gas rigs declined by one to 124.

There were also 11 miscellaneous rigs in operation – two higher than a week earlier.

The total number of US oil and gas rigs was down by 40, or around 6.8% compared to a year earlier.

By Aparupa Mazumder

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