Baker Hughes BKR, -1.70% on Friday reported that the number of active U.S. rigs drilling for oil dropped by 21 to 237 this week. The oil-rig count has now fallen for 10 weeks in a row, implying upcoming declines in domestic crude output. The total active U.S. rig count, meanwhile, also fell by 21 to 318, according to Baker Hughes. July West Texas Intermediate crude CLN20, -2.88% held onto earlier losses, trading down 95 cents, or 2.8%, at $32.97 a barrel. (full story)

The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co going back to 1940. That was a third consecutive week of record lows for the U.S. rig count. In Canada, the count fell to 21 from last week’s record low of 23 rigs, according to Baker Hughes. Year-on-year, drillers have cut rigs by 68% in the United ... (full story)