The U.S. oil rig count has dropped for seven consecutive weeks. The U.S. oil-rig count dropped by 10 to 595 in the latest week, the seventh consecutive week of declines, according to Baker Hughes Inc. The number of U.S. oil-drilling rigs, which is viewed as a proxy for activity in the oil industry, has fallen sharply since oil prices started falling last year. After a streak of modest growth, the rig count has now declined for seven consecutive weeks. U.S. oil prices recently were up 1.9% to $47.25. There are now about 63% fewer rigs from a peak of 1,609 last October. According to Baker Hughes, the number of gas rigs rose by three to 192. The U.S. offshore rig count was 33 in the latest week, up one from last week and down 24 from a year ago. For all rigs, including natural gas, the week’s total declined […]