Reported 3 days ago
According to Baker Hughes, U.S. energy companies reduced the number of oil rigs by the largest margin since June 2023, with a total drop of seven rigs to 583 as of April 11. This marks a third consecutive weekly decline, with oil rigs falling to 480 while gas rigs saw a slight increase to 97. The report indicates a consistent downward trend in rig counts, attributed to lower oil prices, which prompted firms to prioritize shareholder returns over boosting output.
Source: YAHOO