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 now 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 88. The U.S. offshore-rig count was 26 in the latest week, down two from the previous week and down eight from a year earlier. Oil prices were higher Friday as investors continued to buy back into commodities in a bet that oversupplied markets will ease later this year, brokers and analysts said. Oil was trading above the five-month high it hit Thursday as one of its strongest rallies in years chugged on in the face of analysts’ […]