U.S. oil drillers cut rigs for first week in sixStaff Writer | December 15, 2017
U.S. energy companies this week cut oil rigs for the first time in six weeks in spite of prices rising close to their highest in over two years and drillers starting to boost spending plans for next year.
Oil exploration 510 rigs were active
The U.S. rig count, an early indicator of future output, is still much higher than a year ago when only 510 rigs were active after energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash.
The increase in U.S. drilling lasted 14 months before briefly stalling in August, September and October as some producers trimmed their 2017 spending plans after prices turned softer over the summer.
Energy firms started adding rigs again in November as crude prices rose.