Mubasher: U.S. oil drilling firm this week cut oil rigs for a fifth week in the last six, said Baker Hughes Inc.
Drillers removed three oil rigs in the week ended 23 December, bringing the total rig count down to 538, it added in a report.
That decrease brings the total rig count down to about a third of the 1,499 oil rigs operating in same week a year ago. Since the end of the summer, drillers have cut 134 oil rigs. Last week, they added 17 rigs, the first increase in five weeks.
