U.S. oil drillers cut rigs for second week in three
Drillers cut two oil rigs in the week to Aug. 3, bringing the total count down to 859, General Electric’s Baker Hughes said.
More than half the total oil rigs are in the Permian basin in west Texas and eastern New Mexico, the nation’s biggest shale oil field. Active units there held steady at 479 for a second week in a row, the same as in early June and the highest since January 2015. ■