US oil rig count falls for 21st straight week

Akin Oyedele
0
oil rig
oil rig

(REUTERS/Jim Urquhart)

US oil rig counts have now tumbled for 21 straight weeks.

Data released Friday showed a slowdown this week. The number of active oil rigs fell by 24 to 679, the lowest since September 2010.

Last week, the rig count fell by 31 to 703.

The number of combined oil and gas rigs fell by 22 to 905, the lowest level since June 2009.

Oil drillers have been shutting down less-efficient facilities to manage their resources better in the wake of the oil crash.

Crude oil prices held above $50 per barrel through April.

On Friday, West Texas Intermediate crude oil came within a dozen cents of touching $60 per barrel for the first time since last December. It later retreated, and was as much as 1.5% lower at around $58.70 per barrel after the release.

Morgan Stanley has said that the count will bottom in about three months, based on their study of previous periods when rig counts declined.

Here's the latest chart of the tumble in rig counts.

oil rigs 5 1 15
oil rigs 5 1 15

(Business Insider/Andy Kiersz)

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