The U.S. oil-rig count fell by 31 to 703 in the latest week, the lowest level since October 2010, according to Baker Hughes Inc. The number of U.S. oil drilling rigs—a proxy for activity in the oil industry—has fallen sharply since prices headed south last year. There are now 56% fewer rigs compared with a peak of 1,609 in October, and Friday’s report marks the 20th-straight week of declines. U.S. oil prices hit their 2015 highs recently on hopes production is finally showing signs of falling. U.S. crude-oil futures were recently down 1.2% at $57.11. According to Baker Hughes, gas rigs were up eight to 225 this week. Offshore rig count was 34, up one from last week and down 20 from a year earlier. For all rigs, including natural gas, the week’s drop was 22 to 932. The data report two weeks ago showed the first drop below […]