U.S. Oil-Rig Fleet Shrinks the Most in Almost 3 Years
- Long-term oil-price outlooks underpin exploration decisions
- Rig tally has yet to revisit 3 1/2-year high of November
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Oil explorers still reeling from the late-2018 price collapse shut down drilling rigs in the biggest U.S. field and elsewhere at the fastest pace in almost three years.
The number of working oil rigs plunged by 21 this week to 852, the lowest since late May, according to data released Friday by oilfield-services provider Baker Hughes. A 26 percent surge in American crude prices since Christmas Eve has failed to reassure management teams chastened by a fourth-quarter price collapse that crushed drilling plans and wiped out speculators.