US rig count moves lower

The total number of rigs drilling for crude oil and natural gas in the US declined by two to 590 units last week, according to Baker Hughes.

The total number of oil rigs gained by five to 489, while gas rigs decreased by seven to 96 on the week.

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

The total number of US oil and gas rigs was down by 30, or decreased by 4.8%, from a year earlier.

By Aparupa Mazumder

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