Cheap Oil Continues to Hammer U.S. Oil Rigs
Doesn't look good
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U.S. oil rigs continued to get crushed this week despite record levels of production.
Drillers idled 83 rigs, following a decline of 94 rigs in the prior week, Baker Hughes reported Friday. The total U.S. rig count is down 25 percent since October, an unprecedented four-month retreat.