U.S. oil drillers cut rigs for third week in a row
The oil rig count fell seven to 736 in the week to October 20, the lowest level since June, General Electric’s Baker Hughes said in its closely followed report.
The rig count, an early indicator of future output, is still much higher than a year ago when only 443 rigs were active after energy companies boosted spending plans as crude recovered from a two-year price crash.
The recovery in drilling, however, lasted for 14 months before stalling in August and September after producers trimmed spending plans due to softer prices. ■