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US oil rig count plummets again
The latest weekly rig count from oil driller Baker Hughes showed the number of rigs fell by 12 this week to 813, the lowest since the week ending March 4, 2011.
Combined oil and gas rigs declined by 21 to 1,048.
Compared to this week last year, the number of combined oil and gas rigs is down from 1,809 and the number of oil rigs is down from 1,487.
Bloomberg notes, however, that this week's decline is the smallest in 15 weeks.
Since hitting a peak of 1,609 last October, the number of US oil rigs in use has declined by almost 50%.
Back in January, Baker Hughes said that in past oil price downturns, rig counts have declined by 40%-60%.
Here's the updated chart of the plunge in oil rigs.
(Business Insider, data via Baker Hughes)
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