Oil rig count climbs for 4th straight week
The US oil rig count rose for a fourth straight period this week.
Data from oil driller Baker Hughes showed that the oil rig count rose by 2 to 672. The gas rig count fell 2 to 211, and the total rig count was unchanged from last week at 884.
Last week, the oil rig count rose by 6.
Crude oil prices cratered this week and touched six-year lows. On Friday, West Texas Intermediate crude oil in New York was slightly higher near $42.63 per barrel, after falling to a low of $41.46.
That price is about 30% down from $60 per barrel, the level around which Goldman Sachs analysts said producers have the right cost, funding, and revenue mix to ramp up production.
Earlier, we noted comment from Societe Generale's Kit Juckes indicating that oil prices may have to fall even lower if the industry is to figure out how to deal with oversupply and weak demand.
Here's the latest chart of the rig count:
