© Reuters.
By Barani Krishnan
Investing.com – The U.S. fell by 66 this week, data from the industry firm Baker Hughes showed, indicating the massive production cuts undertaken by domestic oil drillers as crude prices hit near-19-year lows.
Baker Hughes data showed oil rigs down to 438 this week from 504 last week, down 13%.
Oil rigs are down by a total 245 since the week ended March 13, when there were 638 rigs. That constitutes a drop of more than 35%.
The front-month contract in , the New York-traded benchmark for U.S. oil, plunged to as low as $17.31 per barrel Friday — marking a bottom since 2001 — as it headed for delivery. It was down 9% on the day and 19% on the week.
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