Less Drilling Rigs for Oil - June 7

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U.S. oil rig count falls to lowest since Feb 2018: Baker Hughes

(Reuters) - U.S. energy firms this week cut the oil rig count to the lowest since February 2018 as drillers follow through on plans to reduce spending with crude prices collapsing to a four-month low. Drillers cut 11 oil rigs in the week to June 7 in the biggest weekly decline since April, bringing the total count down to 789, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.