US Drillers Cut Rig For First Time In Three Weeks

U.S. energy firms this week cut oil rigs for the first time in the three weeks as crude prices have fallen to their lowest in over a year.

Drillers cut three oil rigs in the week to Nov. 21, bringing the total count down to 885, Baker Hughes, a GE Company, said in its closely followed report on Nov. 21.

After the rig additions stalled at five during the third-quarter, drillers have added 22 rigs so far this quarter.