Oil rig count plunges to the lowest level since October 2010
The number of active rig counts in the US keeps tumbling.
Data released Friday from oil driller Baker Hughes showed that this week, the number of active rigs fell by 31 to 703, the lowest level since October 2010.
The number of combined oil and gas rigs fell by 22 to 932, the lowest level since July 2009.
Morgan Stanley has said that the count will bottom in about three months, based on their study of previous periods when rig counts declined.
After the release, West Texas Intermediate crude oil fell by more than 1% to about $57 per barrel. WTI rallied to a high of the year on Thursday, and has held above $50 per barrel throughout April.
Here's the latest chart showing the plunge.
(Business Insider/Andy Kiersz)
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