Houston—The US oil rig count continued to fall last week, dropping another 4% to 679 rigs, in response to the recent fall in oil prices, according to the latest Baker Hughes rig count released on Friday. That put US rigs down 58%, or 930 rigs, since 1,609 in October 2014. Analysts have said they believe the trough is approaching in US rig declines. “I’ve said we have some weeks to go, so the decline doesn’t seem out of line,” Allen Brooks, managing director of oil and gas for boutique energy investment bank PPHB, said Friday.
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