The number of oil rigs in the U.S. continued its decline for a fourth straight week, oilfield services company Baker Hughes data revealed Friday.
Oil rig count in the U.S. fell by four to reach 640 this week, after decreasing by eight to reach 644 the week before. The total oil rig number in the country fell by 10 to reach 652, and by 13 to reach 662 for the weeks before that.
Prior to falling for four consecutive weeks, the number of oil rigs in the U.S. had increased for six weeks in a row.
The number of oil rigs in the U.S. indicate the domestic oil sector's activity. Oil rig count in the country decreased around 60 percent since October 2014 when they were at their highest level with 1,609.
Due to falling oil prices, which declined 60 percent since mid-2014, the U.S. oil producers are in a difficult position in seeing a return on their investments.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr