US rig count drops

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

The number of oil rigs moved lower by five over the week to 409, and gas rigs declined by four to 127.

There were also seven miscellaneous rigs in operation – the same as the previous week.

The total number of US oil and gas rigs was down by 49, or around 8% compared to a year earlier.

By Aparupa Mazumder

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