U.S. oil drillers cut rigs for first week in three: Baker Hughes | Reuters

U.S. oil drillers cut rigs for first week in three: Baker Hughes | Reuters:

U.S. energy firms this week cut the number of oil rigs operating for the first time in three weeks week after U.S. crude production hit an all-time high, boosting exports to a record high and stockpiles to their highest in over a year.

Drillers cut four oil rigs in the week to Feb. 22, bringing the total count down to 853, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.

For the month, the rig count fell by nine. That was the first time drillers removed rigs for three months in a row since October 2017. The rig count declined by two in December and 23 in January.