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2014-12-20 15:45:00

OIL RIGS DROP

OIL RIGS DROP

U.S. oil drillers pulled rigs this week as crude traded below $60 a barrel for the seventh straight day.

Rigs targeting oil declined by 10 to a six-month low of 1,536, Baker Hughes Inc. (BHI) said on its website today. Those seeking out natural gas slipped by eight to 338, the Houston-based field services company's website. The total count fell by 18 to 1,875, the lowest level since July.

The number of rigs targeting U.S. oil has slid from a record 1,609 as drillers retrench in response to escalating competition from the world's largest suppliers that's sent international oil prices plummeting by more than $50…

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Tags: U.S., OIL, GAS, PRICES, RIGS, BAKER, HIGHES,
Chronicle:
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