Baker Hughes to Lay Off 7,000 Staff as Oil Prices Slump

Oilfield services provider Baker Hughes said it expects to lay off about 7,000 employees, days after industry leader Schlumberger said it would cut jobs as drilling activity slows due to a steep fall in oil prices. Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending. Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending. http://yhoo.it/1BbnSTm http://bit.ly/1fJ5yqZ