Oil rig count falls

The US oil rig count fell by 9 to 555 this week, according to driller Baker Hughes.

The tally is at the lowest level since the week of June 4, 2010.

The gas rig count fell by 4, bringing the total to 744.

Last week, the oil rig count fell by 10, while the gas rig count was unchanged.

Earlier on Wednesday, the Energy Information Administration said crude oil inventories rose by 1 million barrels last week to 488.2 million.

Oil prices jumped on Monday after news crossed that Turkey shot down a Russian warplane on the Syrian border. Geopolitical concerns that could impact crude oil supplies in the region sometimes moves oil prices.

After Wednesday’s rig count data, West Texas Intermediate crude futures in New York were down by less than 1%, near $42.83 per barrel.

Here’s the most recent chart:

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