U.S. drillers cut most oil rigs in a week since 2015
Topics: U.S. OIL
Drillers cut 62 oil rigs in the week to April 3, the biggest weekly drop since March 2015, bringing the total count down to 562, the lowest since March 2017, Baker Hughes said.
The oil rig count, an early indicator of future output, is down 32% from the same week a year ago when 831 oil rigs were active.
More than half the total U.S. oil rigs are in the Permian basin in West Texas and eastern New Mexico, where active units dropped by 31 this week to 351, the lowest since May 2017.
That was the biggest weekly decline since February 2015. ■