US drillers cut oil and gas rigs for first time in six weeks: Baker Hughes

US energy firms this week cut the number of oil and natural gas rigs operating, the first reduction in six weeks, energy services firm Baker Hughes said in its closely followed report on Friday, reports Reuters.

The oil and gas rig count, an early indicator of future output, fell by two to 547 in the week to October 10.

Baker Hughes said this week's decline puts the total rig count down 39 rigs, or 7 per cent below this time last year. Baker Hughes said oil rigs fell by four to 418 this week, while gas rigs rose by two to 120, their highest since August.

In the Permian Basin in West Texas and eastern New Mexico, the biggest US oil-producing shale formation, the rig count fell by one this week to 250, the lowest since September 2021. In Texas, meanwhile, the rig count dropped by six this week to 238, also the lowest since September 2021.