US drillers cut 9 oil rigs in week ending March 22: Baker Hughes

U.S. energy companies cut nine oil rigs in the week ending March 22, bringing the total count to 824, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

The natural gas rig count declined by one rig to 192 rigs for the week, compared to 190 rigs a year earlier.

The U.S. rig count, an early indicator of future output, is still a bit higher than a year ago when 804 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.