1330 ET - The number of rigs drilling for oil in the U.S. fell by five this week to 474, the least since late January and 22 below the year-ago level, oil services company Baker Hughes reports. A number of U.S. oil companies said they are reducing planned capital expenditures because of low oil prices, and the EIA lowered its 2025 production estimate to 13.4 million barrels a day from 13.5 million b/d. "The oil market knows that when WTI is in the $50s, there will be a slowdown, the next question is how fast, how deep," says Neil Crosby of Sparta Commodities. "The market will trade once it sees how quickly this is slowing or even declining, and that will take some weeks or months," he adds. Rigs directed at natural gas are unchanged this week at 101. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 09, 2025 13:30 ET (17:30 GMT)
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