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U.S. oil drillers cut most rigs since May 2016

Staff Writer |
U.S. drillers this week cut oil rigs by the most in over two year even.

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Energy companies cut 10 oil rigs in the week to Dec. 7, the biggest weekly decline since May 2016, bringing the total count down to 877, General Electric’s Baker Hughes said.

More than half the total U.S. oil rigs are in the Permian Basin, the country’s biggest shale oil formation. Active units there declined by four this week to their lowest since early November.

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