Drillers Remove Five Rigs From Service in American Oil Fields
- U.S. crude posts weekly loss for first time since mid-December
- International Energy Agency warns of ‘explosive’ U.S. growth
Photographer: Brittany Sowacke/Bloomberg
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U.S. oil explorers shut down rigs this week as concerns mounted that American drilling has expanded too much too quickly.
Working rigs drilling for crude in the U.S. dropped by five this week, bringing the total down to 747, according to Baker Hughes data released Friday. The decline wiped out half of last week’s increase in the rig fleet.