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Oil rigs number continues to go down

Staff writer ▼ | October 10, 2015
U.S. energy companies cut oil rigs for a sixth week in a row this week, the longest streak of weekly declines since June, Baker Hughes data showed.
Oil rig
Oil industry   Weekly rig count reductions have averaged 20
Drillers removed nine oil rigs in the week ended Oct. 9, bringing the total rig count down to 605, oil services company Baker Hughes Inc said in its closely followed report. That total was the least since July, 2010. Drillers had cut a total of 61 rigs over the prior five weeks.

Since hitting an all-time high of 1,609 during this week a year ago, weekly rig count reductions have averaged 20.

The reductions over the past month erased the 47 oil rigs added over the summer when drillers followed through on plans to add rigs announced in May and June when U.S. crude futures averaged $60 a barrel.

U.S. oil futures this week averaged $48 a barrel, up from a $45 average last week, on concerns over Russia's entry into the Syrian conflict and a rising Chinese stock market.