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U.S. oil drillers cut rigs for third week in four

Christian Fernsby |
U.S. energy firms this week reduced the number of oil rigs operating for the third time in four weeks.

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Drillers cut two oil rigs in the week to May 10, bringing the total count down to 805, General Electric’s Baker Hughes said.

That put the U.S. rig count, an early indicator of future output, below the 844 drilling a year ago.

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