U.S. oil drillers cut rigs for third week in a rowChristian Fernsby ▼ | May 24, 2019
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row.
America Drillers cut five oil rigs in the week to May 24
That compares with 859 rigs operating during the same week a year ago.
The rig count, an early indicator of future output, has declined over the past five months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output. ■