US energy firms this week cut oil rigs for the first time in the three weeks as crude prices have fallen to their lowest in over a year.

Drillers cut three oil rigs in the week to November 21, bringing the total count down to 885, General Electric Co’s Baker Hughes energy services firm said in its closely followed report.

After the rig additions stalled at five during the third quarter, drillers have added 22 rigs so far this quarter.

Baker Hughes released the weekly report two days early due to the US Thanksgiving day holiday.

The US rig count, an early indicator of future output, is higher than a year ago when 747 rigs were active because energy companies have spent more this year to ramp up production to capture prices that are higher in 2018 than 2017.

More than half the total US oil rigs are in the Permian Basin, the country’s biggest shale oil formation. Active units there held steady this week at 493, the most since January 2015.

US crude futures were trading above $55 a barrel after falling to their lowest since October 2017 earlier in the week on concerns the global market is over supplied.

Looking ahead, crude futures for calendar 2019 and calendar 2020 were both trading below $56 a barrel.

US financial services firm Cowen & Co this week said the exploration and production (E&P) companies it tracks have provided guidance.