Markets

Oil rig count drops for 10th straight week

Read in app

The US oil rig count dropped again this week, extending a renewed slump.

Oilfield services company Baker Hughes said the count fell by 6 to 572 this week.

The tally of oil rigs is now at the lowest level since June 11, 2010. 

The combined count of oil and gas rigs was 771, down 4, and at the lowest level since April 2002. 

The tally is in a renewed slump after a six-week rise that was preceded by the unprecedented plunge on the oil crash. 

Earlier on Friday, Baker Hughes said the US rig count in October was 791, down 15% year-on-year. 

After the data, West Texas Intermediate crude futures in New York remained lower, down nearly 2%, at about $44.42 per barrel.

11 6 15 oil rig count
Andy Kiersz/Business Insider

Here's the latest chart:

Read next

Akin Oyedele's face on a gray background
Akin Oyedele
Akin edits flagship newsletters including First Trade and Tech Memo, as well as weekly topical roundups of Business Insider's coverage including Defense Flash. He also provides editorial support for the development and launch of new newsletters.    Prior to this role, he was a markets reporter for over a decade and edited Business Insider's investing coverage. He covered bonds and FX at Bloomberg before joining BI in 2014.