Friday, May 27, 2016

U.S. oil drillers cut rigs despite $50 crude -Baker Hughes

By Scott DiSavino

May 27 (Reuters) - U.S. oil drillers cut rigs for a ninth

week in the last 10, energy services company Baker Hughes Inc

said on Friday, despite crude prices this week testing a

seven-month high at $50 a barrel.

That is a key level that analysts and producers said would

trigger a return to the well pad.

Drillers cut 2 oil rigs in the week to May 27, bringing the

total rig count down to 316, the lowest level since October 2009

and about half the 646 rigs a year ago,

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