U.S. oil rig count falls for the seventh straight weekStaff writer ▼ | May 6, 2016
The number of U.S. oil rigs in use is down again. According to Baker Hughes, the number of U.S. oil rigs in use fell by 4 last week to 328.
Oil exploration The lowest oil rig total since October 2009
Combined oil and gas rigs fell by 5 this week to 415, a new record low since this series began in 1947.
This reading has been closely tracked over the last year and a half as the price of oil has collapsed. ■