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U.S. oil companies cut rigs for first week in three

Staff Writer |
U.S. energy companies this week cut oil rigs for the first week in three even though crude prices hovered near their highest level since the spring of 2015.

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Drillers cut 5 oil rigs in the week to Jan. 5, bringing the total count down to 742, General Electric's Baker Hughes said.

In the prior two weeks, drillers did not add or remove any rigs.

The U.S. rig count, an early indicator of future output, is much higher than a year ago when only 529 rigs were active.

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