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U.S. oil drillers cut rigs for ninth month

Christian Fernsby |
U.S. energy firms this week reduced the number of oil rigs operating, with the rig count declining for the ninth straight month to its lowest since January last year as most producers cut spending on new drilling this year.

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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.

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