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(Reuters) U.S. energy firms cut oil rigs by the most this week since September, reducing the total oil and gas count for a second week in a row as crude prices remained negative for the year. U.S. oil futures were down about 1% so far this year after soaring 55% in 2021.
The U.S. total oil and gas rig count, an early indicator of future output, fell by four to 776 in the week of Dec. 16. Despite this week’s rig decline, Baker Hughes said the total count was still up 197, or 34%, over this time last year.
U.S. oil rigs fell five to 620 this week, their lowest in six weeks, while gas rigs rose one to 154.
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