U.S. oil rig count falls by most in week since May 201Staff Writer | November 3, 2017
U.S. energy companies cut eight oil rigs this week, the biggest reduction since May 2016, extending a drilling decline that started over the summer when prices slipped below $50 a barrel.
Oil exploration The oil rig count fell to 729
he rig count, an early indicator of future output, is still much higher than a year ago when only 450 rigs were active after energy companies boosted spending plans for 2017 in the second half of last year as crude started recovering from a two-year price crash. ■