US and Canadian rig counts drop

Baker Hughes reported Friday that for the week ending March 8, the US rig count fell by five to 1,752, following a four-rig decrease the week prior. During the week, the oil rig count increased by eight to 1,341 while the gas-directed rig count dropped by 13 to 407.

Meanwhile, Canada's rig count dropped by 75 to 580 rigs, and was also down by 75 from 655 rigs during the same week last year.