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U.S. oil rig count slides again

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Staff writer ▼ | June 24, 2016
Oil rig count
Oil exploration   The biggest fall in six weeks

The total count of online U.S. oil rigs fell by 7 to 330 this week, according to drilling giant Baker Hughes.

In the last few weeks, we saw something of a comeback in the oil-rig tally relative to its recent trend. The oil rig count rose last week for a third straight period — the longest streak since August 2015 — by 9.

Some producers brought rigs back online as crude oil rallied and crossed $50 per barrel.

But this week, the oil rig count fell by the most in six weeks. The gas rig count rose by 4 to 90, taking the total down 3 to 421.

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