US rig count drops for third straight week

The number of rigs drilling for crude oil and natural gas by two to 603 units last week – the lowest since January 2022, according to Baker Hughes.

The number of oil rigs fell by three to 496, while the natural gas rig count rose by one unit to 103. There were also four miscellaneous rigs in operation, the same as in the previous week.

The total US oil and gas rig count was down by 128, or 18%, from a year earlier.

By Debarati Bhattacharjee

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