US drillers cut 8 oil rigs in week ending March 29: Baker Hughes

U.S. energy companies cut eight oil rigs in the week ending March 29, bringing the total count to 816, 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 rig to 190 rigs for the week, compared to 194 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 797 rigs were active after energy companies boosted spending in 2018 to capture higher prices that year.