U.S. oil drillers cut rigs this week for the first time since June, ending a 17-week recovery in the rig count, even as crude prices mostly held over $50 a barrel this month, the key level analysts said should lead to more drilling. Drillers cut 2 oil rigs in the week to Oct. 28, bringing the total down to 441, compared with 578 rigs a year ago, energy services firm Baker Hughes Inc said on Friday. That ended the longest streak of not cutting oil rigs since 2011 started after crude briefly climbed over $50 a barrel in May and June and held at that level for most of October. During those 17 weeks, drillers added 113 rigs. Despite the overall decline, drillers added five oil rigs in the Bakken shale in North […]

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