US oil rig count falls for 29th straight week, total count climbs

RTXR1IZ

(Reuters)

The total count of US oil and gas rigs climbed this week, although oil rigs declined for a 29th straight week.

The oil rig count fell by three to 628, the lowest since August 6, 2010.

The number of oil and gas rigs in operation rose by two to 859.

Last week, the number of oil rigs in operation fell for a 28th consecutive week, by four, and the combined count of oil and gas rigs fell by two.

Following the data, West Texas Intermediate crude oil was lower but little changed, at around $59.53 per barrel.

In the last week's 'oil rig monitor,' Goldman Sachs researchers wrote: "Should WTI prices remain near $60/bbl, US producers will ramp up activity given improved returns with costs down nearly 30% and producers increasingly comfortable at the current costs/revenue/funding mix."

Here's the latest chart of the oil rig count:

oil rig chart 6 26 15

(Andy Kiersz/Business Insider)

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