April 26 (Reuters) - U.S. energy firms this week cut

five oil rigs, the biggest weekly drop since November, energy

services firm Baker Hughes ( BKR ) said in its closely followed

report on Friday.

Meanwhile, the oil and gas rig count, an early indicator of

future output, fell by six to 613 in the week to April 26, the

lowest since February 2022.

Baker Hughes ( BKR ) said that puts the total rig count down 142

rigs, or 18.8%, below this time last year.

The number of oil rigs fell by five to 506 this week, while

gas rigs fell by one to 105, their lowest since December 2021.

The total rig count was down by eight in April, falling

for a second month in a row. The oil rig count was unchanged and

gas rigs fell by seven in April.

The oil and gas rig count dropped about 20% in 2023 after

rising by 33% in 2022 and 67% in 2021, due to a decline in oil

and gas prices, higher labor and equipment costs from soaring

inflation and as companies focused on paying down debt and

boosting shareholder returns instead of raising output.

U.S. oil futures were up about 16% so far in 2024

after dropping by 11% in 2023. U.S. gas futures,

meanwhile, were down about 35% so far in 2024 after plunging by

44% in 2023.