Oil Rig Count Tumbles For A 2nd Week

The US oil rig count declined again this week, according to driller Baker Hughes.

Oil rigs fell by 10 to a total of 652, and combined with gas rigs, the total count was down 16 to 848.

Last week, 13 oil rigs were taken offline. It was the biggest drop in three months, preceeded by six weeks of additions.

Earlier this week, Baker Hughes' rig count report for August showed that the average total rig count for August was 883, up 17 from July.

Ahead of the release, West Texas Intermediate crude futures were down about 2% in New York, near $44.86 per barrel. Goldman Sachs' Jeffrey Currie forecast in a note Friday that oil could fall to as low as $20 per barrel, and oversupply will persist in 2016.  

Source: Business Insider

http://www.businessinsider.com/baker-hughes-rig-count-september-11-2015-9