The US oil rig count dropped by double-digits for a second consecutive week, Baker Hughes said on Friday, as analysts scrambled to revise projections of how low the figure could dip and what it means for domestic crude output. The oil rig count fell to 362 for the week ended April 1, down by 10 from the previous week and 47% lower from 679 in the same week a year ago. The rig declines were reported as crude oil dropped from a recent rally to levels at or near $40/b but has now stepped back toward the mid-$30s/b. On Friday, NYMEX crude futures settled down $1.55 at $36.79/b. Last week the oil rig count plummeted by 15 rigs, following similar or greater numbers of rig declines over several weeks starting in late January. In the last 15 weeks, the rig count has dropped every week but one. During that […]