The number of U.S. oil-drilling rigs, viewed as a proxy for activity in the sector, has fallen sharply since oil prices began to fall. But it hasn’t fallen enough to relieve the global glut of crude. There are about 73% fewer rigs of all kinds since a peak of 1,609 in October 2014. According to Baker Hughes, the number of U.S. gas rigs fell by one in the latest week to 87. The U.S. offshore-rig count was 25 in the latest week, down one from the previous week and down nine from a year earlier. Oil prices fell Friday amid expectations that the Organization of the Petroleum Exporting Countries increased its output after a failed attempt to agree on a production freeze. Recently, U.S. crude oil declined 0.7% to $45.71 a barrel.