U.S. oil rigs fall below 500

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U.S. oil rigs fall below 500
Jan 29 2016, 13:55 ET | By: Carl Surran, SA News Editor  Contact this editor with comments or a news tip

The number of active U.S. oil drilling rigs fell by 12 to 498, according to Baker Hughes' latest weekly survey, bringing the count below 500 for the first time since 2010.

The total active U.S. rig count, which includes natural gas rigs, fell by 18 to 619; the total rig count has fallen 60% Y/Y from 1,543; the oil rig count is down 59% from a year ago and 69% from its October 2014 peak.

Natural gas rigs fell by 6 to 121, the lowest count in Baker Hughes' records going back to 1987.