US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US declined by seven to 583 units last week, according to Baker Hughes.

The total number of oil rigs fell by nine to 480, while gas rigs increased by one to 97 on the week.

There were also six miscellaneous rigs in operation, one higher than the previous week.

The total number of US oil and gas rigs was down by 34, or decreased by 5.5%, from a year earlier.

By Aparupa Mazumder

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