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U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fourth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by 3 to 746 in the week to March 10, the lowest since June. Despite this week’s rig decline, Baker Hughes said the total count was still up 83 rigs, or 13%, over this time last year.
U.S. oil rigs fell by 2 to 590 this week, also their lowest since June, while gas rigs also fell by 1 to 153.
Benchmark U.S. crude oil for April delivery rose 96 cents to $76.68 a barrel Friday. Brent crude for May delivery rose $1.19 to $82.78 a barrel.
Wholesale gasoline for April delivery rose 4 cents to $2.65 a gallon. April heating oil rose 10 cents to $2.77 a gallon. April natural gas fell 11 cents to $2.43 per 1,000 cubic feet.
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