U.S. oil drillers cut rigs for third week in a row
Drillers cut five oil rigs in the week to May 24, bringing the total count down to 797, the lowest since March 2018, General Electric’s Baker Hughes said.
That compares with 859 rigs operating during the same week a year ago.
The rig count, an early indicator of future output, has declined over the past five months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output. ■