The number of active oil rig counts in the US reached November 2010 lows. According to data from oil-driller Baker Hughes, oil rig counts in use last week fell by 26 to 734. Combined oil and gas rig counts fell by 34 last week to 954. The decline in combined oil and gas rig counts reaches July 2009 lows. Morgan Stanely analysts believe there is about 3 more months of rig declines ahead, based on historical data.
The oil rig count peaked at 1,609 in October 2014. As of last week the rig count has declined approximately by 55%. Crude oil prices are falling as well. Oil prices dropped around 1.4% with trading at $57.3 a barrel.