The number of rigs targeting oil in the U.S. rebounded from a three-month low as drillers homed in on the most profitable fields as they faced the lowest crude prices in four years. Rigs targeting oil jumped by 10 to 1,578 after sliding to the lowest level since August last week, Baker Hughes Inc. (BHI) said on its website today. Those drilling for natural gas declined by six, the Houston-based field services company’s website. While oil rigs fell in Texas ’s Eagle Ford formation and the Cana Woodford of Oklahoma, they picked up in the Utica in the eastern U.S. and the Permian Basin of Texas and New Mexico . “The Permian is a tried and tested formula,” Matthew Jurecky, head of oil and gas research for the London-based research company GlobalData Ltd., said by telephone from New York . “The stuff that’d be more at risk is in […]