U.S. oil rig count falls by fiveStaff writer ▼ | January 22, 2016
The U.S. oil rig count fell for a fifth straight period, by five to 510 this week, according to driller Baker Hughes.
Oil industry Rig count at the lowest level since April 2010
U.S. oil production has remained robust, as companies continue to figure out the most efficient ways to weather the downturn in oil prices. The oil rig count is now at the lowest level since April 2010.
Following the rig-count data on Friday, crude oil remained in a big rally, with West Texas Intermediate crude futures in New York up 6% to as high as $31.76 per barrel. ■