US rig count drops for second straight week

The number of rigs extracting crude oil and natural gas in the US fell by seven to 623 last week - its lowest level since February 2022, Baker Hughes has reported.

PHOTO: Oil field with pump jacks in Bakersfield, US. Getty Images

Crude oil rigs declined by five to 502, after a drop in the biggest US oil field - Permian Basin of Texas. The Permian rig count stood at 308 units, which was the lowest since February 2022.

The US natural gas rig count fell by two units to 116 last week.

The total US oil and gas rig count was down by 142, or 19%, from a year earlier.

By Nithin Chandran

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