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U.S. oil drillers cut rigs to lowest level in 10 months

Staff Writer |
U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months.

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Drillers cut nine oil rigs in the week to March 8, bringing the total count down to 834, the lowest since May, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 796 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.


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