Baker Hughes reported the US oil rig count fell to 459 from 462 in the latest weekly reading. The three-rig decline points to a slightly reduced level of drilling activity.
Indicator For Upstream Spending
The data are closely watched as a near-term indicator for upstream spending and future crude supply trends.
Cooling In Drilling Activity
With the count easing from the prior week’s level, the update suggests a modest cooling in active oil-directed rigs across the United States.
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