The US oil rig count was unchanged this week, breaking an eight-week streak of declines.
The gas rig count fell two to 85, and the oil rig tally totaled 318, taking the combined count down two to 404. That’s a level not seen since the series began in 1947.
The oil rig count fell last week by four, while the gas rig count increased by one.
Meanwhile, US oil production keeps falling, and is now at the lowest level since September 2014 according to Bloomberg. Crude production fell to 8.79 million barrels per barrel last week, according to data from the Energy Information Administration.
After the rig-count data release, West Texas Intermediate futures were down 0.2% to $48.46 per barrel in New York. Oil prices headed for a second straight weekly gain amid supply disruptions in Nigeria and wildfires near Canadian oil sands.
Here’s the most recent chart of oil rigs:
Business Insider Emails & Alerts
Site highlights each day to your inbox.