US oil rig count falls to lowest since March 2011

The number of US rig counts fell by 41 last week to 825, according to the latest data from oil driller Baker Hughes. This is the lowest oil rigs in use since March 2011.

Combined oil and gas rigs fell by 56 to 1,069, the lowest since October 2009.

Since hitting a peak of 1,609 in late October, the number of oil rigs is use is down about 49%.

In previous downturns in the price of oil, the number of oil rigs in use has declined by around 40%-60%, according to comments made by Baker Hughes on its first quarter earnings conference call.

And while the market has been looking at the decline in rig count, the bigger story in the oil market may be quickly dwindling amount of storage for the oil that US producers continue to pump out.

Here's the latest chart of the decline in rig count.

Business Insider, data via Baker Hughes