The US oil rig count plunged by 16 to 578 this week.
The data from driller Baker Hughes showed that this was the lowest count since June 18, 2010, and the biggest drop in four weeks.
Since the oil rig count began tumbling again in September, this was the second-biggest drop. There are now 1,004 less oil rigs than there were a year ago.
The combined count of oil and gas rigs fell by 12 to 775, after remaining unchanged in the prior period, to the lowest level since April 2002.
The oil rig tally dropped by just one last week.
Shortly after the data, West Texas Intermediate crude oil in New York rose, and was up about 1%, near $46.53 per barrel.
Here’s the latest rig count chart:
- Andy Kiersz/Business Insider