US drillers cut 10 oil rigs in week ending March 1: Baker Hughes

U.S. energy companies cut 10 oil rigs in the week ending March 1, bringing the total count to 843, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

The natural gas rig count rose by 1 rig to 195 rigs for the week, compared to 181 rigs a year earlier.

The U.S. rig count, an early indicator of future output, fell for a second week in a row but is still slightly higher than a year ago when 800 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.