U.S. Drillers Idle Rigs for 6th Week as Oil Lingers Near $50
- Rigs targeting oil in the U.S. fell by 9 to 605: Baker Hughes
- Equipment put aside in Permian Basin led the decline
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U.S. oil explorers idled rigs for a sixth week as they grapple with crude near $50 a barrel.
Rigs targeting oil in the U.S. fell by 9 to 605, adding to the 61 sidelined in the previous five weeks and extending a five-year low, Baker Hughes Inc. said on its website Friday. Equipment put aside in the Permian Basin in West Texas led the decline.