Sept 15 (Reuters) - U.S. energy firms cut the most oil rigs
in a week since January as a 14-month drilling recovery stalled
due to weak crude prices.
Drillers cut seven oil rigs in the week to Sept. 15,
bringing the total count down to 749, the least since June,
General Electric Co's(GE) Baker Hughes energy services firm
said in its closely followed report on Friday. Drillers have not added any rigs since the week of Aug. 11.
The rig count, an early indicator of future output, is still
higher than the 416 active oil rigs a year ago as energy
companies had mapped out ambitious spending programs for 2017
when they expected U.S. crude to be higher than the $50
per barrel where they are currently trading.
