US Oil and Gas Rig Count Falls for First Week in Seven

Despite this week’s decline, the total count of oil and natural gas rigs operating in the U.S. was still up 255 rigs, or 89%, over this time last year.

Reuters

U.S. energy firms this week cut oil and natural gas rigs for the first time in seven weeks even as oil prices rose to fresh seven year highs.

The U.S. oil and gas rig count, an early indicator of future output, fell by 1 to 542 in the week to Oct. 22, energy services firm Baker Hughes Co. said in its closely followed report.

Despite this week’s decline, the total rig count was still up 255 rigs, or 89%, over this time last year.

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