Oil rig count falls for 24th straight week

The count of US oil rigs fell at the slowest pace in 24 weeks.

Data from Baker Hughes showed that the number of oil rigs fell this week by 1 to 659, the lowest count since August 20, 2010.

The count of combined oil and gas rigs fell by 3 to 885, the lowest since June 12, 2009.

Last week, the number of oil rigs fell by 8 to 660, and the count of combined oil and gas rigs fell by 6 to 888.

Following the data, West Texas Intermediate crude oil was down about 1%, trading near $59.74 per barrel. The trade lower follows a rally on Thursday that took WTI back above $60 per barrel.

The drop in the rig count comes amid commentary by some analysts that there's a slowdown in drilling activity.

Here's a comment we highlighted earlier this week via Morgan Stanley, following an oil and gas industry conference in Houston:

"Within the outlook for improving returns, we heard a consistent message across US shale E&P's that the focus would be returns and profitability rather than a headlong rush back to volume at any price."

Here's the latest chart showing the plunge in the rig count.

oil rigs 5 22 15

(Andy Kiersz/Business Insider)

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