The Trade Fight Between the U.S. and China Is Weighing on Oil Prices
- U.S. crude futures are little changed, hovering around $62
- Explorers idled almost one in 10 rigs since the end of 2018
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Crude explorers deployed fewer rigs in U.S. fields this week amid an escalating U.S.-China trade war that weighed on oil prices.
Working American oil rigs fell by two this week to 805, according to data released Friday by oilfield-services provider Baker Hughes. It was the third drop in four weeks. Drillers in the world’s biggest oil field, the Permian Basin, idled two rigs to bring the regional tally to 457 while activity in the Eagle Ford shale in South Texas remained steady.