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U.S. drillers cut oil rigs for sixth straight month-Baker Hughes

U.S. energy firms last week increased the number of oil rigs operating for the first time in four weeks but cut the rig count for the sixth straight month as most drillers cut spending plans.Companies added three oil rigs in the week to May 31, bringing the total count to 800, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.

That compares with 861 rigs operating during the same week a year ago.

U.S. drillers cut oil rigs for sixth straight month-Baker Hughes