The U.S. oil-rig count fell by three to 628 in the latest week, according to Baker Hughes Inc., marking the 29th straight week of declines. The number of U.S. oil-drilling rigs, which is a proxy for activity in the oil industry, has fallen sharply since oil prices headed south last year. There are now about 61% fewer rigs working since a peak of 1,609 in October. Crude-oil futures were recently down by less than 1% to $59.61 a barrel. U.S. oil prices have gained 13% this year on expectations that the global glut of crude oil is due to shrink. U.S. commercial crude-oil supplies fell by 4.9 million barrels in the week ended June 19, according to the U.S. Energy Information Administration. That was the eighth straight week of stockpile draws since inventories hit a record high in April, the longest streak of drawdowns since the […]

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