EXPLORATION

Rig count at four year low

THE latest Baker Hughes rig count is out and it's good news for speculators waiting on higher oil prices but bad news for roughnecks, with the number of rigs drilling for oil in the US at its lowest level since 2011 and gas drilling rig levels continuing to spiral downward.

Haydn Black

Baker Hughes' US crude oil rig count decreased by 56 rigs last week, down from 922 to 866, meaning there are now fewer rigs in the field than at any time since March 2011. It's not the steepest decline...

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