As reported by Reuters, U.S. energy companies this week cut oil rigs for the first time in three weeks even as crude prices hover near three-year highs.
Drillers cut seven oil rigs in the week to March 29, bringing the total count down to 797, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Thursday.
While this is interesting news given the cut is at the same time as a rise in crude prices, one week does not make a trend. It’s important to keep in mind that rig counts will naturally change and it’s not uncommon for a random week to be just that, random as it pertains to the overall trend.
https://www.reuters.com/article/us-usa-rigs-baker-hughes/u-s-oil-drillers-cut-rigs-for-first-week-in-three-baker-hughes-idUSKBN1H52KT
U.S. oil drillers cut rigs for first week in three -Baker Hughes
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