U.S. energy firms this week cut the number of oil rigs operating to the lowest i...
- U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.
More than half the total U.S. oil rigs are in the Permian basin, where active units fell by seven this week to 466, also the lowest since May 2018. U.S. crude futures fell from three-month highs to below $56 a barrel on Friday after bearish U.S. manufacturing data stoked oil demand concerns.
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