US oil rig count falls for the seventh straight week

The number of US oil rigs in use is down again.

According to oil driller Baker Hughes, the number of US oil rigs in use fell by 4 last week to 328.

This is the lowest oil rig total since October 2009. The record high for oil rigs in use topped out at 1,609 back in October 2014.

Combined oil and gas rigs fell by 5 this week to 415, a new record low since this series began in 1947.

This reading has been closely tracked over the last year and a half as the price of oil has collapsed.

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