U.S. oil rigs decline most in two decades, Baker Hughes says

HOUSTON (Bloomberg) -- U.S. drillers idled rigs seeking oil this week as an expanding glut of supply in the global market pushed crude prices below $50/bbl for the first time in more than five years. Rigs seeking U.S. oil declined by 61 to 1,421, Baker Hughes Inc. said on its website. It was the largest drop in rigs since February 1991. Those drilling for natural gas rose by one to 329, and miscellaneous rigs dropped by one to zero. The total fell 61 to 1,750.

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