Oil rig count tumbles for 7th straight week

The US oil rig count fell for a seventh straight week this week, according to driller Baker Hughes.

The tally fell by 10 to 595.

The combined count of oil and gas rigs fell by 8 to 787.

On Thursday, Schlumberger, the world's largest oilfield services company, reported third-quarter earnings results that reflected the continued crunch in the energy sector.

CEO Paal Kibsgaard said the recovery from the oil crash appears to be delayed. And during the earnings call on Friday, he said the recovery in drilling activity may not happen until 2017.

Here's the latest chart of the rig count:

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