Oil rig count drops by one

One oil rig went offline in the US this week, according to data from driller Baker Hughes.

The total count of oil rigs came to 515, and the combined count of oil and gas rigs fell 14 to 650.

Last week, the oil-rig count fell by 20, while the combined count dropped by 34.

On Friday, crude oil fell to a new 12-year low, as West Texas Intermediate crude fell 6% to as low as $29.21 per barrel.

Brent crude, the international benchmark, fell below $29 per barrel.

WTI has fallen 20% this year.

Here's the latest rig-count chart:

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