For the fourth week in a row,...

For the fourth week in a row, the number of working oil and natural gas rigs has taken a plunge, this week by 51 to total 789, industry watcher Baker Hughes Inc. reported. For the past three weeks the count has dropped twice by 32 and once by 36, after a two-week increase of 25 rigs. Last week the rig count totaled 840. A year ago, the number of rigs totaled 1,026, the Houston-based firm said. The decline follows normal seasonal patterns, according to Baker Hughes economist Ike Kerridge. “I was hoping it would taper off by now,” Kerridge said. “I have no particular explanation for it. I have not heard of any weather conditions being a problem.” The count usually drops off during late December through late March or early April, he said. The count is a widely watched industry index of drilling activity.