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Oil rig data released by oil services company Baker Hughes on September 12 showed that the number of oil rigs in the United States fell by 10 this week to 652, the second consecutive week of decline, and last week it fell by 12
.
U.
S.
oil production has fallen over the past few weeks due to lower oil prices, with current production falling to 9.
1 million barrels
per day from an average of 9.
6 million b/d in late May to mid-July, the highest level since early 1970, according to U.
S.
government data.
On Friday, U.
S.
crude oil futures for October ended down $1.
29, or 2.
81%, at $44.
63 a barrel
.
U.
S.
crude futures rose above $107 a barrel in June, but fell 60 percent in March to a six-year low of around
$42 due to oversupply and slowing demand growth.
In response to the collapse in oil prices, U.
S.
oil producers have cut spending, laid off thousands of jobs and idle more than half of their oil rigs
.
Oil rig data released by oil services company Baker Hughes on September 12 showed that the number of oil rigs in the United States fell by 10 this week to 652, the second consecutive week of decline, and last week it fell by 12
.
U.
S.
oil production has fallen over the past few weeks due to lower oil prices, with current production falling to 9.
1 million barrels
per day from an average of 9.
6 million b/d in late May to mid-July, the highest level since early 1970, according to U.
S.
government data.
On Friday, U.
S.
crude oil futures for October ended down $1.
29, or 2.
81%, at $44.
63 a barrel
.
U.
S.
crude futures rose above $107 a barrel in June, but fell 60 percent in March to a six-year low of around
$42 due to oversupply and slowing demand growth.
In response to the collapse in oil prices, U.
S.
oil producers have cut spending, laid off thousands of jobs and idle more than half of their oil rigs
.
