US Oil Drillers Cut Back Amid Soaring Prices Near $100

US oil drillers have scaled back their operations as oil prices hover near $100 per barrel. According to data from Baker Hughes, the total number of active drilling rigs in the US has fallen to 587, an increase of just 45 from this time last year.

The number of active oil rigs dropped by 2, reaching 450 during the latest reporting period. This is still 35 above the same time last year. Meanwhile, gas rigs rose by 1 and now stand at 127, which is 5 more than this time last year.

US crude oil production averaged 13.798 million barrels per day (bpd) during the week ending July 17, down from 13.861 million bpd last week but up 525,000 bpd from a year ago, according to the EIA data.