Oil rig count drops for 8th straight week

Not much happened on the rig count front this week.

The US oil rig count fell by 1 to 594, according to driller Baker Hughes.

The combined count of oil and gas rigs was unchanged at 787, the lowest since April 2002.

Last week, the oil rig count fell by 10, while the combined count of oil and gas rigs dropped by 8.

Energy companies continue to report their quarterly results, and a number of them including Schlumberger and Halliburton have been bearish on the oil industry into next year.

On Friday afternoon in New York, West Texas Intermediate crude oil futures were down by about 1%, near $44.89 per barrel.

Here's the latest rig count chart:

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