Oil Rigs Slide Most Since 2012 With Crude at 7-Month Low

The number of rigs targeting oil in the U.S. shrank this week by the most since 2012 as crude trades at a seven-month low and drillers redirect equipment to focus on the most profitable plays.

Oil rigs tumbled by 25 this week to 1,564, the lowest level in a month and the largest drop since Dec. 21, 2012, data posted on Baker Hughes Inc.’s website today show. Those targeting gas meanwhile jumped to the highest in five months, the Houston-based field services company said. U.S. benchmark West Texas Intermediate crude declined for a fifth week, the longest losing streak in nine months.