Drilling Rig Count Down for 3rd Consecutive Week

Week oil prices caused U.S. producers to cut oil rigs for the third week in a row, an indication that drilling plans announced several months ago are on hold. Baker Hughes reports that over the past three weeks the rig count has been cut 31, down to a total U.S. count of 644. The rig count had increased by 47 in July and August when oil prices averaged $60 per barrel.