U.S. Rig Count Below 1000

Baker Hughes' weekly rig count showed the eighteenth consecutive decline. The first week of April 42 more oil rigs were idled. Only 988 rigs were active as of April 10, 2015. This is the lowest rig count since December 2010. With oil prices hovering in the $50 per barrel range and plentiful supply, demand is not expected to increase anytime soon.