The number of oil rigs in the U.S. decreased by 1 this week, according to the latest data released by oilfield services company Baker Hughes.
The number of oil rigs, an indicator of short-term production, decreased by 1 to reach 675 for the week ending Jan. 231, from 676 the previous week.
This marked the first weekly decline in the oil rig count after two consecutive weekly increase, Baker Hughes data released Friday showed.
The number of oil rigs in the U.S. is still 20.31% down year-over-year having amounted to 847 a year ago.
By Firdevs Yuksel