The number of rigs drilling for oil fell by eight this week, snapping a three-week streak of gains, according to oil-fi eld services fi rmBaker Hughes. There were 507 rigs operating in the week ending Sep. 22, 95 fewer than a year ago, Baker Hughes said. The natural-gas-directed rigcount also fell, by three. That put the total decline at 11 for a total of 630 rigs operating. The oil-rig count and the full rig count were at their lowest levels since February 2022, as operators keep their focus on returning cashto shareholders rather than growing production, despite higher oil prices.
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