OIL & GAS RIG COUNT AT RECORD LOW FOR 10TH WEEK, DATA SAYS

energy

U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row but the rate of decline has slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 258 in the week to July 10, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 700 rigs, or 73 per cent, below this time last year.