The U.S. oil-rig count fell by seven to 638 this week, reversing the brief upturn of the past two weeks, according to the latest report from Baker Hughes Inc. Last week had been the second straight week of increases after 29 weeks of declines. The number of U.S. oil-drilling rigs, which is a proxy for activity in the oil industry, had fallen sharply since oil prices headed south last year. Oil prices fell nearly 60% from June 2014 to a six-year low in March, as soaring production from the U.S. and other countries overwhelmed global demand. There are about 60% fewer rigs working since a peak of 1,609 in October, though the pace of declines has slowed considerably recently. In late May, several U.S. shale-oil companies said they were ready to bring rigs back into service, setting up the first big test of their ability to […]