US rig count dips

The total number of rigs drilling for crude oil and natural gas in the US decreased by one to 587 units last week, according to Baker Hughes.

The number of oil rigs fell by two over the week to 450, while gas rigs gained by one to 127.

There were also 10 miscellaneous rigs in operation, unchanged from the previous week.

The total number of US oil and gas rigs was up by 45, or around 8.3% compared to a year earlier.

By Aparupa Mazumder

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