U.S. oil drillers cut rigs for fourth week in fiveStaff Writer | February 1, 2019
U.S. energy firms this week cut the number of oil rigs operating for a fourth time in the past five weeks.
America The U.S. rig count is still much higher than a year ago
The U.S. rig count, an early indicator of future output, is still much higher than a year ago when 765 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.
In 2019, however, some drillers have said they plan to remove rigs due in part to forecasts for lower crude prices than last year. ■