The number of U.S. oil drilling rigs—a proxy for activity in the oil industry—has fallen sharply since prices headed south last year. There are now 58% fewer rigs compared with a peak of 1,609 in October, and Friday’s report marks the 21st straight week of declines, boosting expectations U.S. crude-oil production is near a peak. Ahead of the release, energy-advisory firm Ritterbusch & Associates speculated a drop of fewer than 15 to 20 rigs could push oil prices lower, while a drop of more than 30 to 35 might have the opposite effect. U.S. oil prices hit 2015 highs recently on hopes production is finally showing signs of falling. U.S. crude-oil futures were recently down 1.9% at $58.50. According to Baker Hughes, gas rigs were down three to 222 this week. Offshore rig count was 34, unchanged from last week and down 20 from a year earlier. For all […]