US drillers cut 9 oil rigs in week ending March 8: Baker Hughes

U.S. energy companies cut 9 oil rigs in the week ending March 8, bringing the total count to 834, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

The natural gas rig count declined by two rigs to 193 rigs for the week, compared to 188 rigs a year earlier.

The U.S. rig count, an early indicator of future output, is higher than a year ago when 796 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.