US oil drillers idle the most rigs in two years as crude sinks
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OIL drillers in the US, facing the lowest crude prices in five years and rising competition from suppliers abroad, idled the most rigs since 2012.
Rigs targeting oil declined by 37 to 1,499 in the week ended Dec 26, the lowest since April, Baker Hughes Inc said on its website on Monday, extending the three-week decline to 76. Those drilling for natural gas increased by two to 340, the Houston-based field services company said. The total rig count, which includes one miscellaneous rig, dropped 35 to 1,840, also an eight-month low.
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