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The number of total oil and gas drilling rigs in the US fell by 1 to 539, the 14th decline in the past 15 weeks for the domestic rig count, Baker Hughes reported.

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes said in its closely followed report on Friday.

Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for a third consecutive week.