US rig count drops

The total number of rigs drilling for crude oil and natural gas in the US fell by one to 554 units last week, according to Baker Hughes.

The total number of oil rigs fell by one over the week to 438 and gas rigs declined by two to 111.

There were also five miscellaneous rigs in operation, two more than the previous week.

The total number of US oil and gas rigs was down by 34, or about 5.7% lower, as compared to a year earlier.

By Aparupa Mazumder

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