The U.S. oil rig count fell by 66 this week, data from the industry firm Baker Hughes showed, indicating the massive production cuts undertaken by domestic oil drillers as crude prices hit near-19-year lows.
Baker Hughes’s data showed oil rigs down to 438 this week from 504 last week, down 13%.
Oil rigs are down by a total of 245 since the week ended March 13, when there were 638 rigs. That constitutes a drop of more than 35%.
The front-month contract in West Texas Intermediate, the New York-traded benchmark for U.S. oil, plunged to as low as $17.31 per barrel Friday — marking a bottom since 2001 — as it headed for delivery. It was down 9% on the day and 19% on the week.
Last updated on Sat., April 18, 2020.