US drillers cut oil and gas rigs for seventh week in a row, Baker Hughes says

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a seventh week in a row for the first time since July 2020, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, fell by 8 to 687 in the week to June 16, the lowest since April 2022.

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Baker Hughes said that puts the total count down by 53 rigs, or 7%, over this time last year.