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U.S. oil rig count falls to lowest since February 2018

Christian Fernsby ▼ | June 7, 2019
U.S. energy firms this week cut the oil rig count to the lowest since February 2018.
U.S. oil rig count
America   Drillers cut 11 oil rigs in the week
Drillers cut 11 oil rigs in the week to June 7 in the biggest weekly decline since April, bringing the total count down to 789, General Electric’s Baker Hughes said.

That compares with 862 rigs operating during the same week a year ago.

More than half the total U.S. oil rigs are in the Permian basin in West Texas and eastern New Mexico, where active units decreased by six this week to 446, the lowest since April 2018. The Permian is the biggest U.S. shale oil play.