US Oil Rig Count Holds Steady This Week

U.S. energy companies kept the oil rig count unchanged this week amid a steady decline in crude prices, which hit a near two-month low earlier this week.

The rig count, an early indicator of future output, held at 869 in the week to Aug. 17, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.

U.S. crude futures were on track to fall for the seventh straight week as global trade disputes fueled concerns about slowing economic growth, which could hurt the demand for energy.

The U.S. rig count is much higher than a year ago when 763 rigs were active. Energy companies have been ramping up production in tandem with OPEC’s efforts since the start of 2017 to cut global output.