U.S. energy firms this week reduced the number of oil rigs operating for the third time in four weeks even as crude production forecasts increase despite some drillers cutting spending. Drillers cut two oil rigs in the week to May 10, bringing the total count down to 805, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That put the U.S. rig count, an early indicator of future output, below the 844 drilling a year ago. The rig count has declined over the past five months as independent exploration and production companies cut spending on new drilling as they focus more on earnings growth instead of increased output. Major oil companies, like Exxon Mobil Corp and Chevron Corp, however, […]