Oil rig count plunges for 7th straight week

The US oil rig count continued its relentless tumble this week, as it fell by 31 to 467, according to data from driller Baker Hughes.

This was the biggest weekly drop since April 2015, and the tally is now at the lowest level since March 2010.

The combined count of oil and gas rigs fell by 48 to 571.

Last week, the oil rig count fell by 12. And compared to the prior year, the count was down about 60%.

The combined count of oil and gas rigs fell by 18.

After the rig count numbers crossed, crude oil prices rose but were little changed, with West Texas Intermediate crude futures in New York up by less than 1% and near $31.77 per barrel.

Oil was on pace for a weekly loss after two straight weeks of gains.

Here’s the most recent rig count chart:

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