US drillers cut one oil rig in week ending Nov. 2: Baker Hughes

U.S. energy companies cut one oil rig in the week ending Nov. 2, bringing the total count to 874, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

The natural gas rig count remained unchanged at 193 for the week, compared to 169 rigs a year earlier.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 729 rigs were active because energy companies have ramped up production to capture prices that are higher in 2018 than 2017.