U.S. Oil Rigs Tumble Again, in Line With Twitter Estimates
A derrick hand in Knox County, Ohio.
Photographer: Ty Wright/BloombergThis article is for subscribers only.
U.S. oil and gas rigs continued to fall this week despite still-rising levels of production.
Drillers idled 48 rigs (37 of which were oil rigs), dropping the number to 1,310 and marking the 11th consecutive decline, Baker Hughes reported on Friday. The total U.S. rig count is down 32 percent since October, an unprecedented retreat. The median forecast from a Bloomberg survey of ten #RigCountGuesses on Twitter was for a decline of 52.