The number of rigs drilling for crude dropped again this week, a sign that U.S. producers are pessimistic about prices.
There are now 555 rigs drilling specifically for oil, down 15 from last week in the sharpest decline in oil-patch activity since the Covid lockdowns. The total is down 11% since the start of the year, in line with the decline in U.S. benchmark oil futures. Those have dropped from about $80 a barrel to around $70 lately.
Source: https://www.wsj.com/livecoverage/stock-market-today-jobs-report-06-02-2023/card/u-s-oil-drillers-are-idling-rigs-IzugfbLLWbh1sjrILjbM?siteid=yhoof2&yptr=yahoo