U.S. oil drillers cut rigs for a ninth week in the last 10, energy services company Baker Hughes Inc said on Friday, even as crude prices this week tested a seven-month high at $50 a barrel. Prices were on track to recover for seven out of the last eight weeks, and are now at the high end of a level that analysts and producers had said could soon trigger a return to the well pad. Drillers cut two oil rigs in the week to May 27, bringing the total rig count down to 316, the lowest since October 2009 and about half the 646 rigs of a year ago, Baker Hughes said in its closely followed report. Before this week, drillers cut on average 11 oil rigs per week for a total of 218 so far this year. They cut on average 18 oil rigs per week for a […]

Posted in: USA