The total rig count in the U.S. fell by two to end the week of July 21 at 950 rigs, according to the latest report from Baker Hughes, a GE company (NYSE: BHGE).
U.S. oil drillers cut rigs for a second week since January. The oil rig count was 764, down one from last week. Analysts said the decline was likely a pause in a drilling recovery expected to continue through at least 2019, according to a Reuters report.
Still, the number was more than double the 371 oil rigs that were operating in the U.S. about this time a year ago.
U.S. rigs targeting gas also dropped by one. The count stood at 186, compared to 88 a year ago.