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UPDATE 1-U.S. oil drillers cut rigs for fifth week in a row -Baker Hughes

© Reuters. UPDATE 1-U.S. oil drillers cut rigs for fifth week in a row -Baker Hughes© Reuters. UPDATE 1-U.S. oil drillers cut rigs for fifth week in a row -Baker Hughes

(Adds rig count in Permian basin)

March 22 (Reuters) – U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.

Drillers cut…
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