U.S. oil drillers this week cut the most rigs in over three months and reduced t...
- U.S. oil drillers this week cut the most rigs in over three months and reduced the number of oil rigs operating for a second week in a row and for the fifth straight month, as independent producers follow through on plans to cut spending on new drilling and completions.
The U.S. rig count, an early indicator of future output, has fallen to 805, below year-ago levels when 825 rigs were active. Both U.S. oil majors on Friday reported lower profits despite increased production due largely to weakness in their refining operations and lower crude oil and natural gas prices.
Looking ahead, crude futures were trading around $62.70 a barrel for the balance of 2019 and $59.80 in calendar 2020.
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