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U.S. oil rig count falls by most in week since May 201

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Staff Writer | November 3, 2017
oil rig count falls
Oil exploration   The oil rig count fell to 729

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.

The oil rig count fell to 729 in the week to November 3, the lowest level since May, General Electric's Baker Hughes said.

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.

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