The US oil rig count continued to fall this week in response to lower crude prices, although output continues to climb and debate rises on the impact of a backlog of uncompleted wells. On Friday, 825 oil rigs were working domestically, down 41 from last week and down 784 from October 10, according to the Baker Hughes weekly rig count. The number of rigs in the Bakken Shale of North Dakota and Montana fell to double-digit levels for the first time in at least four years. Just 99 rigs were drilling in the play, down from 104 the week before and the most-recent high of 198 October 3. Operators have quickly reined in activity there, because of the high cost of wells and transportation to markets from the stranded basin. Likewise, oil rigs drilling the Permian Basin of West Texas and New Mexico dropped by 20 to 285 this […]