U.S. oil drillers cut rigs for a 5th week in 6 -Baker Hughes

Wed Dec 23, 2015 1:06pm EST
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Dec 23 (Reuters) - U.S. energy firms this week cut oil rigs
for a fifth week in the last six, data showed on Wednesday, a
sign drillers were still waiting for higher prices before
returning to the well pad.
    Drillers removed three oil rigs in the week ended Dec. 23,
bringing the total rig count down to 538, oil services company
Baker Hughes Inc said in its closely followed 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.
    Baker Hughes issued the report two days early due to the
Christmas holiday.

 (Reporting by Scott DiSavino; Editing by David Gregorio)