US Oil Drillers Cut Rigs For First Week In Three

U.S. energy firms cut oil rigs for the first time in three weeks as producers started to reduce their 2019 drilling plans with the collapse in crude prices at the end of last year.

Drillers cut eight oil rigs in the week to Jan. 4, bringing the total count down to 877, Baker Hughes Inc. (NYSE: BHGE), the energy services firm of General Electric Co. (NYSE: GE), said in its closely followed report on Jan. 4.

The U.S. rig count, an early indicator of future output, is still much higher than a year ago when 742 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.