U.S. Oil & Gas Rig Count Falls for First Time in Six Weeks
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks as oil prices fell to their lowest this year.
The U.S. oil and gas rig count, an early indicator of future output, fell by four to 780 in the week to Dec. 9, energy services firm Baker Hughes Co said in its closely followed report on Friday.
U.S. oil rigs fell two to 625 this week, while gas rigs declined by two to 153, their lowest since July.
U.S. oil futures were trading around $71 a barrel on Friday, down about 6% so far this year, after topping $130 in March after Russia’s invasion of Ukraine.
The two largest U.S. oil companies – Exxon Mobil Corp and Chevron Corp – this week disclosed plans to increase outlays on energy projects next year amid high oil demand and prices.
