US drillers cut oil rigs for ninth month in a row

US energy firms in August cut the number of active oil rigs for a ninth straight month while the combined oil and natural gas rig count fell for the fourth month in a row, energy services firm Baker Hughes said in its closely followed report on Friday.

For the week to Aug. 25, the oil and gas rig count, an early indicator of future output, fell by 10 to 632, the lowest since February 2022, reports Reuters.

Baker Hughes said that puts the total rig count down 133, or 17 per cent, below this time last year.

US oil rigs fell eight to 512 this week, their lowest since February 2022, while gas rigs slipped by two to 115, their lowest since January 2022.

In August, drillers cut 32 oil and gas rigs, their fourth monthly decline in a row.

Oil rigs dropped by 17 rigs in August, the longest streak of cuts since November 2019 when the count fell for 12 consecutive months.

Gas rigs, meanwhile, fell by 13 rigs in August, after rising by four rigs last month.