Oil rig count resumes its slide

The oil rig count resumed its decline this week, falling 2 to 316, according to driller Baker Hughes.

The tally did not fall for the first time in nine weeks last week.

Combined with gas rigs, the total count was 404. The gas rig count increased by 2 to 87.

Baker Hughes’ tally shows a 35% drop in the total number of rigs over the last year, as commodity prices continued to slide and producers responded by paring output.

But prices have rebounded. On Thursday, crude oil cracked $50 per barrel for the first time in seven months amid supply disruptions in Nigeria and Canada.

Following Friday’s data, West Texas Intermediate crude futures in New York were down 0.44% to $49.26.

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