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U.S. oil drillers cut rigs for 4th week to November 2009 lows

Staff writer |
U.S. energy firms cut oil rigs for a fourth week in a row to the lowest level since November 2009, Baker Hughes said.

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Energy firms keep slashing spending despite a more than 50 percent jump in crude futures since hitting a near 13-year low in February.

Drillers cut 3 oil rigs in the week to April 15, bringing the total rig count down to 351, Baker Hughes said in its closely followed report.

The number of U.S. oil rigs operating compares with the 734 rigs operating in the same week a year ago. In 2015, drillers cut on average 18 oil rigs per week for a total of 963 for the year, the biggest annual decline since at least 1988 amid the deepest rout in crude prices in a generation.

Before this week, drillers cut on average 13 oil rigs per week for a total of 182 so far this year.

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