America’s Oil Drillers Pull Rigs From Fields for 21st Week
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Oil explorers idled rigs in U.S. fields for the 21st straight week, extending an unprecedented retreat in drilling that has curbed domestic output and helped crude prices rally.
Rigs targeting oil in the U.S. declined by 24 to 679, Baker Hughes Inc. said on its website Friday, the lowest level since September 2010. Texas’s Eagle Ford formation lost the most, dropping seven to 91, the Houston-based field services company said. The Williston Basin, home of North Dakota’s prolific Bakken shale, added a rig for the first time in five months.