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Oil rig count drops for a second week

Akin Oyedele
Oil rig count drops for a second week

The US oil rig count fell by 9 to 605 this week, according to driller Baker Hughes.

We saw a renewed drop in the oil rig count last week, which fell by 26 to 614, the biggest decline since the rig count topped a year ago.

That put the number of active rigs at the lowest level since the week of August 6, 2010.

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. 

Ahead of the rig count data release on Friday, WTI futures in New York were up by less than 1%, near $49.84 per barrel.

More to come ...

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