U.S. energy firms added oil rigs for the third time in four weeks even though pr...
- U.S. energy firms added oil rigs for the third time in four weeks even though producers planned to continue reducing spending on new drilling for a second consecutive year in 2020.
Even though the number of rigs drilling new wells fell last year, U.S. oil output continued to increase in part because the productivity of remaining rigs - the amount of oil new wells produce per rig - has increased to record levels in most big shale basins. U.S. crude futures CLc1 traded around $50 per barrel on Friday, putting the front-month on track to fall for a fifth week in a row as the coronavirus outbreak fans worries about global crude demand.
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