U.S. energy firms this week cut the most oil rigs in about four months, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions. Drillers cut 16 oil rigs in the week to Aug. 23, the deepest cut since the week of April 26 and the seventh weekly decline in the past eight weeks, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. The total count was down to 754 from 860 active rigs in the same week a year ago. The oil rig count, an early indicator of future output, has declined over the past eight months as ... (full story)