Oil rig count falls by 10

The US oil rig count fell by 10 to 362 this week, according to driller Baker Hughes.

This took the tally to the lowest since November 2009.

Four gas rigs were taken offline, taking that total to 88. The combined tally dropped 14 to 450.

Combined, the count hit a record low last month.

Meanwhile, we have yet to see a meaningful drop in US oil production, which is helping to prevent a strong rebound in oil prices.

West Texas Intermediate crude futures in New York lost year-to-date gains on Friday after a report that Saudi Arabia will only agree to a production freeze if Iran does. WTI fell 4% to as low as $36.73 on Friday.

Here’s the latest oil rig count chart:

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