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

Staff Writer |
U.S. energy firms this week cut oil rigs for the first time in the three weeks as crude prices have fallen to their lowest in over a year.

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Drillers cut three oil rigs in the week to Nov. 21, bringing the total count down to 885, General Electric's Baker Hughes said.

After the rig additions stalled at five during the third quarter, drillers have added 22 rigs so far this quarter.

Baker Hughes released the weekly report two days early due to the U.S. Thanksgiving day holiday. ■

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