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Oil Rig Count Declines Following Massive Build in Inventories

After a massive build in domestic crude oil inventories this week, U.S. oil producers appear to be tempering on drilling.

Oilfield service giant Baker Hughes (BHI) reported Friday that the oil rig count declined by seven over the past week, the first drop in nearly three months. Natural gas rigs climbed by one and an additional miscellaneous rig puts the combined overall count up to 659. The dip in oil rigs ends 10...