Economics
U.S. Oil-Rig Retreat Extends to 19th Week With Drop of 26
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U.S. crude explorers idled rigs for an unprecedented 19th straight week, bringing drilling in America’s oil fields to the lowest level since November 2010.
Rigs targeting oil in the U.S. fell by 26 to 734, the Houston-based field services company Baker Hughes Inc. said Friday. Producers idled nine in the Mississippian of Oklahoma and Kansas, the steepest decline of all major oil plays. The Permian Basin of Texas and New Mexico, the nation’s biggest oil field, dropped five.