U.S. oil drillers cut rigs for third week in a row -Baker Hughes

U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through on plans to cut spending. Drillers cut five oil rigs in the week to May 24, bringing the total count down to 797, the lowest since March 2018, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. 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.

Source: Yahoo.com