The U.S. oil-rig count fell by eight to 660 in the latest week, according to Baker Hughes Inc., marking the 23nd straight week of declines. 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 about 59% fewer rigs working since a peak of 1,609 in October. That hasn’t yet translated into a drop in actual output, even though it has squelched production capacity. Crude-oil futures were recently down about 0.75% to $59.42. According to Baker Hughes, gas rigs were up two to 223 this week. The U.S. offshore rig count is at 34, unchanged from last week and down 23 from last year. For all rigs, including natural gas, the week’s drop was six to 888, and down 973 from last year’s 1861.