U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active rigs after crude prices collapsed in October and November.
Source: www.reuters.com
Among fears of a global oil glut and plummeting oil prices, U.S. energy firms cut four oil rigs in the week to Dec. 14. This marks the second straight weekly cut bringing the total count down to 873. These numbers are lowest since mid-Octoberber but higher compared to a year ago period when 747 rigs were active. Going by the total number of oil and gas rigs active (1,030) so far this year, the total count for 2018 is on track to be the highest since 2014, which averaged 1,862 rigs. WTI futures declined nearly 3.0% to close at US$51.2/bbl on Friday.
