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U.S. oil drillers make biggest rig cuts in over 3 months

Christian Fernsby |
U.S. oil drillers this week cut the most rigs since the week to Jan. 18 and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month.

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Drillers cut 20 oil rigs in the week to April 26, bringing the total count down to 805, General Electric’s Baker Hughes said.

The U.S. rig count, an early indicator of future output, has fallen below year-ago levels when 825 rigs were active.

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