Oil rig count drops second straight week

Getty Images

Getty Images

According to Baker Hughes weekly report just released, the US rig count decreased by 10 to 652 over the previous week. This is the first time there has been back to back weekly declines in more than eight weeks.

Although there have been recent increases, there are still 949 fewer rigs operating since a peak of 1,609 back in October of 2014.

There was about a 3 percent decline in gas rigs, dropping to 196.

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