US rig count declines

The total number of rigs drilling for crude oil and natural gas in the US decreased by one to 562 units last week, according to Baker Hughes.

The number of oil rigs gained by two over the week to 433, while gas rigs declined by three to 121.

There were also eight miscellaneous rigs in operation, unchanged from last week.

The total number of US oil and gas rigs was up by 7, or around 1.3% compared to a year earlier.

By Aparupa Mazumder

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