U.S. drillers cut oil rigs againChristian Fernsby ▼ | May 31, 2019
U.S. energy firms this week increased the number of oil rigs operating for the first time in four weeks but cut the rig count for the sixth straight month as most drillers cut spending plans.
America Companies added three oil rigs in the week to May 31
That compares with 861 rigs operating during the same week a year ago.
For the month, drillers cut the number of rigs operating by five, their sixth monthly cut in a row. That is the most monthly declines in a row since May 2016 when the rig count fell for nine consecutive months. ■