Oil Drillers Scale Back U.S. Activity as Crude Falls Into Bear Market

Crude futures dipped into bear-market territory on June 5
American oil production has risen to unprecedented levels

We Are at the Bottom for Oil: Citi’s Morse

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Caleb Mutua

June 7, 2019 at 5:07 PM UTC

Updated on

June 7, 2019 at 5:41 PM UTC

This article is for subscribers only.

U.S. crude explorers reduced drilling to a 15-month low as oil dipped into bear-market territory.

Working American oil rigs fell by 11 this week to 789, according to data released Friday by oilfield-services provider Baker Hughes. More than half the decline happened in the Permian Basin, the biggest source of American crude.