US oil-rig count falls for the first time in 24 weeks, ending record streak

US oil drillers this week took more rigs offline than were added for the first time in 24 weeks, breaking the record streak of increases.

The oil-rig count fell by two to 756, oilfields-services giant Baker Hughes said in its weekly report on Friday. The gas-rig count rose by one to 184. With miscellaneous rigs down one to zero, the total rig count fell by one to 940.

This drop is a blip that even the chart below barely shows as the supply glut persists. US oil prices were on pace for a 5% drop in June, the steepest since March, amid continued evidence that shale drillers were not slowing down production, and doubts that OPEC’s deal to cut production would balance the market.

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.