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US drill rigs drop for the first time in four weeks

UNITED STATES (OBSERVATORY NEWS) — US energy companies have reduced the number of oil rigs for the first time in four weeks, as lower oil prices have prompted drillers to cut spending for the second year in a row.

For the week ending February 28, the number of drilling rigs fell by one to 678, oil service company Baker Hughes said Friday.

The number of drilling rigs is currently below last year’s 843 setting.

In February, the number of installations increased by three, increasing a second time in three months.

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