New York—US land oil rigs fell again last week as the impact of low oil prices continued to take its toll on drillers. Total US oil rigs dropped by 55 or 4% as of Friday to 1,366, and have fallen by 243 since 2014’s peak rig count of 1,609 on October 10, data from Baker Hughes showed. “Rig counts will likely continue to fall throughout 2015,” said Bentek analyst Nicole Leonard. While “many producers have announced that they plan to gradually reduce their rig fleets through the first half of 2015. Bentek expects continued price pressure into 2016, so producers will likely continue to reduce their active rig count in the second half of 2015 and again in 2016,” Leonard said. Bentek is a unit of Platts.
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