U.S. oil companies cut rigs for first week in threeStaff Writer | January 5, 2018
U.S. energy companies this week cut oil rigs for the first week in three even though crude prices hovered near their highest level since the spring of 2015.
Oil exploration Drillers cut 5 oil
In the prior two weeks, drillers did not add or remove any rigs.
The U.S. rig count, an early indicator of future output, is much higher than a year ago when only 529 rigs were active. ■