US rig count plunges

The total number of rigs drilling for crude oil and natural gas in the US decreased by five to 588 units last week, according to Baker Hughes.

The number of oil rigs declined by three over the week to 452, and gas rigs moved one unit lower to 127.

There were also 9 miscellaneous rigs in operation – one lower than the previous week.

The total number of US oil and gas rigs was up by 50, or around 9%, compared to a year earlier.

By Aparupa Mazumder

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