U.S. energy firms
cut oil rigs for a sixth week in the last seven, data showed on Thursday, a sign drillers were still waiting for higher prices before returning to the well pad.
Drillers removed 2 oil rigs in the week ended Dec. 31, bringing the total rig count down to 536, oil services company Baker Hughes Inc s
aid in its closely followed report.
That decrease brought the total rig count down to about a third of the roughly 1,500 oil rigs operating
a year ago. Since the end of the summer, drillers have cut 136 oil rigs.
Baker Hughes issued the report a day ahead of its usual weekly release, due to Friday's New Year holiday.
(Reporting by Barani Krishnan; Editing by Meredith Mazzilli)