Oil Rigs Get Slammed for the 13th Week
Worse than expected
Why Cheap Oil Doesn't Stop the Drilling
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The number of U.S. oil rigs out drilling new wells fell for the 13th straight week as the U.S. sinks deeper in a glut of excess oil.
Drillers idled 64 oil rigs (excluding gas rigs), dropping the number to 922, Baker Hughes reported on Friday. The rig count is down 43 percent since October, an unprecedented retreat. The median forecast from a Bloomberg survey of 20 #RigCountGuesses on Twitter was for a decline of 20 rigs.