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 gas rigs declined in the latest week by 14 to 148. The U.S. offshore-rig count was 27 in the latest week, up two from the previous week and down 27 from a year earlier.