US rig count drops for fourth consecutive week

The number of total rigs drilling for crude oil and natural gas fell by one to 582 units last week, according to Baker Hughes.

The number of oil rigs remained unchanged at 483 for the fourth consecutive week, while gas rigs fell by one to 94.

There were also five miscellaneous rigs in operation, unchanged from the week prior.

The total number of US oil and gas rigs was down by 50, or 8%, from a year earlier.

By Debarati Bhattacharjee

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