US drillers cut 8 oil rigs in week ending Jan. 4: Baker Hughes

U.S. energy companies cut eight oil rigs in the week ending Jan. 4, bringing the total count to 877, 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 198 rigs for the week, compared to 182 rigs a year earlier.

The U.S. rig count, an early indicator of future output, is still much higher than a year ago when 742 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.