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U.S. loses more oil rigs due to low oil prices

Xinhua, March 5, 2016 Adjust font size:

The number of oil and gas rigs that are still operating in the United States is 489, down by 13 from a week ago, and only one rig above the all-time low of 488 in Baker Hughes' data stretching back to 1940.

Data released by Baker Hughes, one of the world's largest oilfield services companies, showed Friday that the number of oil rigs drilling for crude oil dropped by eight to 392 while those searching for natural gas decreased by five to 97, falling below 100 for the first time in the history of Baker Hughes' count.

The fall in oil prices, which started in 2014, has strongly impacted the global energy industry, including many oil and gas producers in the United States.

On Friday, the West Texas Intermediate crude futures increased by 1.13 U.S. dollars or 3.3 percent to 35.70 dollars per barrel. Endi