Oil-field services companies cut another 8,600 jobs in June

Still feeling the sting of low commodity prices, oil-field services companies cut 8,600 jobs in June, a new report from the Houston-based Petroleum Equipment & Services Association shows. The sector employed nearly 670,500 workers nationwide in June, including drilling rig crews, hydraulic fracturing fleets and equipment manufacturers. It has lost 116,000 jobs since June 2019. Shutdowns aimed at halting the spread of the coronavirus pandemic slashed global oil demand, sending oil prices tumbling in March and April. Services-sector job losses were heaviest in April, when 59,666 workers lost their jobs. Although the rate of job losses has slowed, industry analysts remain concerned about additional layoffs as coronavirus cases surge in many states, potentially reducing demand for crude oil...MORE