Oil rig count drops for 8th straight week

The oil rig count fell by 10 to 318 this week, according to driller Baker Hughes. The tally is now at the lowest level since October 2009.

The gas rig count increased by one to 87, taking the total down 9 to 406, a new low for the series since it began in 1947.

The oil rig count fell last week by 4.

The series has collapsed in the wake of the most recent oil decline that started almost two years ago. Oil prices have rebounded this year by nearly 40%, however.

Ahead of the rig count data, West Texas Intermediate crude futures were down 1% and near $46.20 per barrel in New York.

Here’s the latest chart of the oil rig count drop:

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