The US oil rig count fell for a seventh straight period this week, according to driller Baker Hughes.
The tally fell by 10 to 595, the lowest since the week of July 23, 2010.
The combined count of oil and gas rigs fell by 8 to 787, which is a level last seen in May 2002.
On Thursday, Schlumberger, the world’s largest oilfield services company, reported third-quarter earnings results that reflected the continued crunch in the energy sector.
CEO Paal Kibsgaard said the recovery from the oil crash appeared to be delayed. And during the earnings call on Friday, he said the recovery in drilling activity may not happen until 2017.
On Friday afternoon, West Texas Intermediate crude oil was up about 2% in New York, near $47.20 per barrel.
Here’s the latest chart of the rig count:
- Andy Kiersz/Business Insider