U.S. oil drillers cut rigs for third week in four as recovery stalls: Baker Hughes

U.S. energy firms cut oil rigs for a third time in the past four weeks as a 14-month drilling recovery stalls with energy firms reducing spending plans in response to recent crude price declines. Drillers cut three oil rigs in the week to Sept. 8, bringing the total count down to 756, the least since June, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 414 active oil rigs during the same week a year ago. Drillers cut seven rigs in August, the first monthly reduction since May 2016. The rig count is an early indicator of future output. The declining rig count comes amid a hive of tropical storms, including Hurricane Harvey that hit in late August, curtailing oil drilling activity in the U.S. Gulf and in Texas’ Eagle Ford shale plays. [nL2N1LE1NJ] The recovery in […]

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