US Oil Rig Count Drops By Two

U.S. energy companies cut oil rigs for the second week in three as the rig count has stagnated over the past three months along with crude prices.

Drillers cut two oil rigs in the week to Sept. 7, bringing the total count down to 860, Baker Hughes, a GE company, said in its weekly report.

More than half the total oil rigs are in the Permian Basin in west Texas and eastern New Mexico, the nation’s biggest shale oil field. Active units there declined by two this week to 484, the least since the start of August.