Here comes the Baker Hughes rig count ...
REUTERS/Jim Urquhart
US drilling activity became the focus of markets again this week as oil prices plunged after data showed that inventory levels continue to rise. The Department of Energy said supplies rose last week by 8.21 million barrels to 528.4 million barrels. That's the highest since record keeping began in 1982.
West Texas Intermediate crude oil futures fell below $50 per barrel on Thursday for the first time since December. WTI is headed for an 8.6% weekly decline, which would be the worst since the last week of October.
Higher US production undermines the efforts by the Organization of Petroleum Exporting Countries to cut production and support oil prices. The US is not part of an agreement OPEC made in November to place limits on some member countries' production.
The count of US oil rigs rose again for a seventh straight period last week, by seven to 609. The gas rig count fell by five to 146. With miscellaneous rigs unchanged at one, the total rig count rose by two to 756.
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