Oil rig count drops for 10th straight week

The US oil rig count dropped again this week, extending a renewed slump.

Oilfield services company Baker Hughes said the count fell by 6 to 572 this week.

The tally of oil rigs is now at the lowest level since June 11, 2010.

The combined count of oil and gas rigs was 771, down 4, and at the lowest level since April 2002.

The tally is in a renewed slump after a six-week rise that was preceded by the unprecedented plunge on the oil crash.

Earlier on Friday, Baker Hughes said the US rig count in October was 791, down 15% year-on-year.

After the data, West Texas Intermediate crude futures in New York remained lower, down nearly 2%, at about $US44.42 per barrel.

Here’s the latest chart:

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