Baker Hughes reports U.S. drilling rigs decline for the fourth time in five weeks (NYSEARCA:USO)

The number of active drilling rigs for oil and gas in the U.S. decreased by 4 to 600, marking the fourth decline in the last five weeks, according to a report by Baker Hughes on Friday. This puts the count 16% lower compared to the same period last year.

For the week, the total drop was all due to gas rigs, which experienced a reduction by 4 to 99, the lowest number since October 2021. The number of oil rigs remained stable at 497, and 4 rigs were categorized as miscellaneous.

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