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U.S. drillers cut oil rigs again

Christian Fernsby |
U.S. energy firms this week increased the number of oil rigs operating for the first time in four weeks but cut the rig count for the sixth straight month as most drillers cut spending plans.

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Companies added three oil rigs in the week to May 31, bringing the total count to 800, General Electric’s Baker Hughes said.

That compares with 861 rigs operating during the same week a year ago.

For the month, drillers cut the number of rigs operating by five, their sixth monthly cut in a row. That is the most monthly declines in a row since May 2016 when the rig count fell for nine consecutive months. â– 

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