US rig count holds steady

The total number of rigs drilling for crude oil and natural gas in the US has remained unchanged at 588 units last week, according to Baker Hughes.

The number of oil rigs increased by two over the week to 449, while gas rigs moved two units lower to 130.

There were also 9 miscellaneous rigs in operation – the same as the previous week.

The total number of US oil and gas rigs was up by 51, or around 9.5%, compared to a year earlier.

By Aparupa Mazumder

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