Oil rigs in U.S. drop by most in two years, Baker Hughes says

HOUSTON (Bloomberg) -- U.S. oil drillers, facing the lowest crude prices in five years and escalating competition from suppliers abroad, idled the most rigs in almost two years this week. Rigs targeting oil dropped by 29 to 1,546, the lowest level since June and the biggest decline since December 2012, Baker Hughes Inc. said. Those drilling for natural gas increased by two to 346, the Houston-based field services company said. The total count fell 27 to 1,893, the fewest since August.

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