U.S. oil drillers cut rigs for third week in a rowStaff Writer | October 20, 2017
The U.S. oil rig count fell for a third week in a row, extending a two-month drilling decline.
Oil exploration Baker Hughes
The rig count, an early indicator of future output, is still much higher than a year ago when only 443 rigs were active after energy companies boosted spending plans as crude recovered from a two-year price crash.
The recovery in drilling, however, lasted for 14 months before stalling in August and September after producers trimmed spending plans due to softer prices. ■