US rig count declines

The total number of rigs drilling for crude oil and natural gas in the US have decreased by two to 543 units last week, according to Baker Hughes.

The number of oil rigs declined by one over the week to 410, and gas rigs moved lower by two to 125.

There were also eight miscellaneous rigs in operation – one more than the previous week.

The total number of US oil and gas rigs was down by 42, or around 7.2% compared to a year earlier.

By Aparupa Mazumder

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