Economics

Drillers Facing Lowest Oil Prices Since 2009 Idle Rigs

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By Lynn Doan and Jessica Summers

December 19, 2014 at 8:23 PM UTC

Updated on

December 20, 2014 at 12:49 AM UTC

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Drillers cut the number of rigs targeting U.S. oil to the lowest level in six months as crude traded below $60 a barrel for the seventh straight day and OPEC resisted calls to curb production.

Rigs targeting oil declined by 10 to 1,536, Baker Hughes Inc. said today on its website. Those seeking out natural gas fell by eight to 338, the Houston-based field services company’s website. The total count lost 18 to 1,875, the lowest level since July.