Oil rig count falls for a 4th straight week

The US oil rig count fell by 3 to 351 this week, according to driller Baker Hughes.

There haven’t been this few rigs in operation since November 2009.

The gas rig count was unchanged at 89, and the combined tally dropped to 440, a new low.

Last week, the oil rig count fell by 8, and the gas rig count rose by 1. There were 545 fewer rigs in service compared to roughly the same period a year ago.

On Friday release, West Texas Intermediate crude futures in New York fell about 2% to as low as $39.99 per barrel.

Headlines earlier this week indicating that there could be an output-freeze agreement at Sunday’s meeting of producers pushed WTI to a year-to-date high of $42.42 per barrel.

OPEC and non-OPEC members will meet in Doha this weekend and could reach an agreement on holding production levels. Iranian oil minister Bijan Zanganeh has said he would skip the meeting.

Here’s the latest oil rig count chart:

4 15 16 oil rig chart

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