US Oil Rig Count Drops By Five

U.S. energy companies this week cut oil rigs by the most since March as the rate of growth has slowed over the past month or so with recent declines in crude prices.

U.S. crude prices are on track to fall for a third week in a row this week as escalating U.S.-China trade tensions threatened to hurt oil demand.

Drillers cut five oil rigs in the week to July 20, bringing the total oil rig count down to 858, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.