Oil Rigs Tumble Again, Showing the Cuts Aren't Over Yet

April 10, 2015 5:23 PM

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Oil Rigs Tumble Again, Showing the Cuts Aren't Over Yet

The number of U.S. rigs drilling for oil fell the most in a month, a sign that America's cutbacks aren't over yet.

Drillers idled 42 oil rigs (excluding gas rigs), reducing the number to 760, Baker Hughes reported on Friday. The rig count has dropped 53 percent since October, an unprecedented retreat, as the decline in oil prices has made production less profitable. The median forecast from a Bloomberg survey of...

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