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 recently fell 2% to $59.19. OPEC recently said it would keep its production ceiling unchanged, the second time in six months it decided to take no action amid the global glut. Oil prices have traded in a tight range recently, with U.S. prices pivoting around the psychologically key $60-a-barrel level. Forecasts that the global glut of crude oil will shrink, due to growing demand and a decline in drilling, have boosted prices from multiyear lows earlier this year. But some investors remain hesitant, especially because some U.S. companies say they can increase production if prices hold above $60. According to Baker Hughes, gas rigs […]