This week’s Baker Hughes U.S. oil rig count came in at its lowest level since June of 2010, falling by 16 to 578. WTI crude prices are up slightly following the release of the numbers.

Decline Gaining Momentum

The 16-rig weekly decline was the largest drop in four weeks and further indication that the trend in oil rig count remains downward for now.

The combined oil and gas rig count declined by 12 during the week to 775, its lowest level since April 2002.

More Good News For Oil Longs

The falling rig count is…

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