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U.S. oil drillers cut rigs for fourth week in five

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Staff 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.
Oil rig count
America   The U.S. rig count is still much higher than a year ago
Drillers cut 15 oil rigs in the week to Feb. 1, bringing the total count down to 847, the lowest since May 2018, General Electric’s Baker Hughes said.

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.