RSS   Newsletter   Contact   Advertise with us
Post Online Media
Post Online Media Magazine

U.S. oil rig count falls by five

Share on Twitter Share on LinkedIn
Staff writer ▼ | January 22, 2016
Oil rig
Oil industry   Rig count at the lowest level since April 2010

The U.S. oil rig count fell for a fifth straight period, by five to 510 this week, according to driller Baker Hughes.

The combined count of oil and gas rigs fell 13 to 637. Last week, the oil rig count fell by just one, while the total count of oil and gas rigs fell 14.

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.


What to read next
POST Online Media Contact