Oil rigs extend losses into 23rd week

May 15, 2015 7:43 PM

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HOUSTON — Oil producers set aside eight more rigs this week, as the industry slowdown continued into May.

The number of rigs chasing crude oil has now fallen for 23 consecutive weeks, according to data gathered by oil service company Baker Hughes. Combined oil and gas rigs fell by 6 to a total of 888 on the week. Oil rigs fell by eight to 660, while gas chasing gas rose by two to 223. Miscellaneous rigs...

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