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U.S. energy firms this week cut the total number of oil and natural gas rigs operating for a second week in a row, reducing the rig count for a third consecutive quarter, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29, the lowest since February 2022. U.S. oil rigs fell by five to 502 this week, their lowest since February 2022, while gas rigs dropped by two to 116.
For the month, total oil and gas rigs in September fell by nine, their smallest monthly decline since April, dropping for a fifth month in a row.
Oil rigs fell for the 10th month in a row in September and for a third straight quarter, while gas rigs rose by one in September after falling by 13 in August.
While the total rig count fell by 51 in the third quarter, the cuts have slowed compared with a reduction of 81 in the second quarter as oil prices have rebounded due to tightening supplies.
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