U.S. oil drillers cut rigs for ninth month
Topics: OIL RIG COUNT U.S.
Drillers cut 12 oil rigs in the week to Aug. 30, bringing the total count down to 742, the lowest since early January 2018, General Electric’s Baker Hughes said.
For the month, the oil rig count, an early indicator of future output, dropped by 34, its biggest decline since March 2019. That put the count down for the ninth month in a row.
In the same week a year ago, there were 862 active rigs. ■