Oil rig count tumbles for 4th straight week
The US oil rig count fell by the most in two months this week, by 21 to 524, according to oilfield services giant Baker Hughes.
This brought the tally to the lowest level since April 30, 2010.
The gas rig count fell 7 to 185, and so the total rig count was down 28 to 709.
Last week, the oil rig count fell by 10, and the gas rig count rose by 3 to 292.
Crude oil prices hit new lows earlier on Friday, as everything continues to indicate that oil producers are pumping relentlessly. OPEC's output hit a three-year high last month, while the International Energy Agency came out with a report today saying that the global supply glut would continue in 2016.
West Texas Intermediate crude oil futures in New York were down about 3%, and fell to as low as $35.59 per barrel, the weakest level in seven years. It's too soon to use the rig count as an indicator of how US oil producers are responding to this new leg lower in oil prices.
Here's the latest rig count chart:
