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Oil Rigs Seen Declining 600 by August as Prices Plunge

Rigs targeting oil in the U.S. will drop below 1,100 for the first time in three years as drillers pull out of fields made unprofitable by a 43 percent plunge in crude prices, forecasts prepared by Genscape Inc. show.

The oil count is set to drop by almost 600 rigs over the next eight months, bottoming out at 1,073 in August, according to the energy data and analytics company. Drilling will subside in most U.S. oil fields since they all have areas that are no longer economic at today’s oil prices, the Louisville, Kentucky-based company said.