The U.S. oil-rig count fell by 12 to 498 in the latest week, according toBaker Hughes Inc., accelerating a recent streak of declines. The number of U.S. oil-drilling rigs, viewed as a proxy for activity in the oil industry, has fallen sharply since oil prices began to fall. But it hasn’t fallen enough to relieve the global glut of crude. There are now about 68% fewer rigs from a peak of 1,609 in October 2014. According to Baker Hughes, the number of U.S. gas rigs declined in the latest week by 6 to 121. The U.S. offshore-rig count was 28 in the latest week, down one from the previous week and down 21 from a year earlier.