Commodities Buzz: US Oil Rig Count Sees Sharp Slide

The US energy firms cut the number of oil and natural gas rigs operating for the first time in five weeks, with the oil rig count alone falling the most since June 2020 as the Hurricane Ida hit the United States. The combined oil and gas rig count dropped by 11 to 497 in the week to September 3, energy services firm Baker Hughes stated in a latest update on Friday. The latest count compares with 256 rigs active in the year-ago period. The US oil rigs fell 16 to 394 this week, their biggest decline since June last year, while gas rigs rose five to 102, in their biggest weekly rise since May. The Canadian rig count edged up by five units to 152.

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