Boom Goes Bust for Drillers as Oil Price Falls

With a global supply glut sending prices for crude plummeting, U.S. oil drillers are pulling up stakes as if fleeing a blown out well.

The number of active oil rigs in the U.S. fell by 61, to 1,750, last week, according to the latest rig count from oilfield services company Baker Hughes. It was the largest weekly decline since February 1991 and it comes after more than six months of steadily declining oil prices.