The US oil rig count fell again this week.
According to driller Baker Hughes, the number of active oil rigs fell by 9 to 605, putting the count at the lowest level since the week ending July 30, 2010.
The combined tally of oil and gas rigs fell 14 from last week to 795, the lowest since May 2002.
We saw a renewed drop in the oil rig count last week, which fell by 26, the biggest decline since the rig count topped out a year ago.
Earlier this week, Baker Hughes reported that the average US rig count for September was 848, down 35 from the prior month.
Crude oil is headed for its best week since 2009. On Thursday, West Texas Intermediate crude oil rose above $50 per barrel for the first time since July.
Following the rig count data release, WTI futures in New York were up by less than 1%, near $49.80 per barrel.
- Andy Kiersz/Business Insider