7/31, 7:01 PM (Source: TeleTrader)
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US oil rig count down by 1 to 180 - Baker Hughes

The number of oil rigs in the United States decreased by 1 to 180 in the week ending July 31 compared to the previous week, according to the Baker Hughes rig count data released on Friday. On an annual basis, the number of oil rigs plummeted by 590.

Meanwhile, the US gas rig count rose by one to 69 during the same week but dropped by 102 compared to last year. The total number of rigs in the country now stands at 251, plunging by 691 from the previous year.

In Canada, the total rig count stood at 45, or three more than last week and 92 less than 12 months ago. The number of oil rigs increased by one to 11 and the number of gas rigs rose by one to 33 on a weekly basis. Year-over-year, Canada lost 80 oil rigs and 13 gas rigs.

Breaking the News / MS