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 as more producers, like Occidental Petroleum Corp., turned conservative in their 2019 drilling plans due to uncertainty over a recovery in crude prices.

Drillers cut four oil rigs in the week to Jan. 11, bringing the total count down to 873, Baker Hughes, a GE company, said in its closely followed report.

The U.S. rig count, an early indicator of future output, is still much higher than a year ago when 752 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.