U.S. Drillers Cut Oil and Gas Rigs for First Time in Three Weeks – Baker Hughes

U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, fell by seven to 622 in the week to March 8, the lowest since Feb. 16.

Baker Hughes said that puts the total rig count down 124 rigs, or 16.6%, below this time last year.

Baker Hughes said U.S. oil rigs fell two to 504 this week, their lowest since Feb. 23, while gas fell four to 115, their biggest drop since November.

U.S. Drillers Cut Oil and Gas Rigs for First Time in Three Weeks – Baker Hughes