Oil rig count drops by 5

The US oil rig count fell for a fifth straight period, by five to 510 this week, according to driller Baker Hughes.

The combined count of oil and gas rigs fell 13 to 637.

Last week, the oil rig count fell by just one, while the total count of oil and gas rigs fell 14.

US oil production, meanwhile, has remained robust, as companies continue to figure out the most efficient ways to weather the downturn in oil prices.

The oil rig count is now at the lowest level since April 2010.

Following the rig-count data on Friday, crude oil remained in a big rally, with West Texas Intermediate crude futures in New York up 6% to as high as $31.76 per barrel.

Here’s the latest rig count chart:

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