Biggest fall in oil rig usage in 2 decades

Biggest fall in oil rig usage in 2 decades. The number of rigs drilling for oil in the US plunged by 61 during the first full week of 2015 as oil prices of less than $50 per barrel prompted producers to accelerate efforts to rein in spending on the upstream operations. The latest data from oil-field services provider Baker Hughes showed 1,421 rigs drilling for oil and 329 rigs drilling for natural gas in the US during the week ended Jan 2. The steep decline in the oil rig count marked the biggest one-week drop in working rigs targeting oil in more than two decades. It was also the fifth straight weekly loss. (Source: Energy Intelligence, Canaccord Sales)