U.S. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks even as oil prices remain relatively high.
The U.S. oil and gas rig count, an early indicator of future output, fell by 5 to 760 in the week to Sept. 2, energy services firm Baker Hughes Co said in its closely followed report on Friday.
U.S. oil rigs fell by 9, the most since September last year, to 596 this week which is their lowest since early August.
However, gas rigs rose 4 to 162, the highest since August 2019.
The total rig count had fallen for the first time in 25 months in August.