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U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in four weeks despite crude prices soaring to five-week highs after OPEC+'s decision to cut production.
The U.S. total oil and gas rig count, an early indicator of future output, fell by three to 762 in the week to Oct. 7, the lowest since early September.
Oil rigs fell two to 602 this week, while gas rigs dropped one to 158.
Oil prices on Friday were trading at five-week highs after an OPEC+ decision this week to make its largest supply cut since 2020. Energy executives, however, told Reuters that the big OPEC+ cut will not spur new U.S. oil and gas production due to constraints.
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