The US Oil rig count is now down over 63% from its highs in October 2014. Last week’s 10 rig decline is the 7th straight weekly drop, pushing the count below 600 for the first time since July 2010. Crude prices are modestly higher on the news…
  • *U.S. TOTAL RIG COUNT FALLS 8 TO 787 , BAKER HUGHES SAYS
  • *U.S. OIL RIG COUNT FALLS 10 TO 595, BAKER HUGHES SAYS

Now down over 63% from highs… New Mexico, Oklahoma, and Texas saw the big declines this week.

 

Charts: Bloomberg


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