US Oil Drillers Cut Rigs For Second Week In A Row

U.S. energy companies this week cut oil rigs for a second straight week and notched the first monthly fall since March.

Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, Baker Hughes, a GE company said in its weekly report. That was the first time drillers cut rigs for two weeks in a row since October 2017.

For the month, the rig count decreased by one, its first decline since March. For the quarter, however, the count rose by 61, its biggest gain since the second quarter in 2017 after some big increases in April and May.