Oil Rigs Decline by Smallest Number in 15 Weeks
Better than expected
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U.S. oil rigs fell by the smallest number in 15 weeks, a potential sign that America's oil-drilling crash may be tapering.
Drillers idled 12 oil rigs (excluding gas rigs), dropping the number to 813, Baker Hughes reported on Friday. The rig count has dropped 49 percent since October, an unprecedented retreat, as the drop in oil prices has made production less profitable. The median forecast from a Bloomberg survey of 10 #RigCountGuesses on Twitter was for a decline of 39.