Wednesday, May 18, 2016

U.S. drillers idle ten oil rigs for eight week of decline
HOUSTON -- The number of rigs seeking oil fell for an eight consecutive week, Baker Hughes said Friday as the total rig count settled just above 400.
According to the Houston-based service provider, the number of active oil rigs fell 10 to 318, which represents the lowest level since Oct. 23, 2009, when 312 rigs were reported. However, at that time, a far greater number of rigs—725—were seeking gas.
The drop-off in oil-directed drilling led the total rig count to fall nine to 406. The number of rigs seeking gas rose one to 87, while miscellaneous rigs held steady at one. 


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