Oil-rig count falls for 3rd straight week

The US oil-rig count fell by eight this week to 354, according to the driller Baker Hughes.

This is the lowest tally since November 6, 2009, and a third straight weekly decline.

The gas-rig count rose by one to 89, putting the total down seven to 443.

After the data’s release, US crude oil held on to much of its earlier gains. West Texas Intermediate crude oil rose 6% on Friday to as high as $39.84 a barrel.

A bigger-than-expected drop in inventory levels this week, and hopes of a production-freeze agreement among major producers next weekend, helped to lift oil.

Here’s the latest rig-count chart:

Photo: Andy Kiersz/Business Insider.

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