US oil rig count falls

oil rig

(Pixabay/jp26jp)
The US oil rig count fell yet again this week.

Data from Baker Hughes showed that the number of oil rigs fell by 13 to 646, the lowest level since August 13, 2010.

The tally of combined oil and gas rigs fell by 10 to 875, the lowest since January 31, 2003.

Last week, the oil rig count fell by just one, the slowest pace in 24 weeks.

The price of West Texas Intermediate crude has rallied from the year-to-date low it reached in May.

Following the data on Friday, it jumped as much as 4%, back above $60 per barrel.

Earlier this week, we highlighted a comment from Goldman Sachs noting that last week's drop was the "first sign" of a major shift in oil production. According to the strategists, $60 per barrel is a level where producers are comfortable with ramping up production again.

Here's the latest chart of the oil rig count:

oil rig count 5 29 15

(Andy Kiersz/Business Insider)

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