Oil Rigs Decline in U.S., Paring 10th Annual Gain

Oil rigs in the U.S. dropped for the sixth week in a row as producers eased operations in shale formations that have pushed domestic output to a 19-year high. The decline trimmed a 10th straight annual gain.

Oil rigs fell by 13 to 1,327 this week, data posted on Baker Hughes Inc.’s website show. Texas, home to the Eagle Ford and Permian Basin plays, lost eight oil or gas rigs this week. North Dakota, where the Bakken region has driven output, was unchanged at 174 total rigs, down from the 2012 high of 203.