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U.S. oil drillers cut rigs for fifth week in a row

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Christian Fernsby ▼ | August 2, 2019
Oil rig workers
America   Oil rig workers

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row.

Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, the lowest since February 2018, General Electric’s Baker Hughes said.

That is the most weekly declines in a row since March when drillers cut rigs for six consecutive weeks.

During the same week a year ago there were 859 active rigs.

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