US Oil Drillers Cut Rigs For Second Week In A Row

U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active rigs after crude prices collapsed in October and November.

Drillers cut four oil rigs in the week to Dec. 14, bringing the total count down to 873, the lowest since mid-October, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.

More than half the total U.S. oil rigs are in the Permian Basin, the country’s biggest shale oil formation. Active units there declined by three this week to 486, the lowest since early October.