For a second week in a row, the number of rigs operating in the U.S. fell to another all-time low, with the total U.S. rig count down eight rigs from last week. However, according to Enervus, this is the first single-digit decline in the U.S. rig count over the past 12 weeks when the oversupply in the crude market started.

The U.S. rig count is down by 38% in the last month and 62% in the last year. Since the beginning of the year, U.S. rig count has fallen about 52%.

More than half of the total U.S. oil rigs are in the Permian Basin in West Texas and eastern New Mexico, where active units dropped by 37 this week to 246, the lowest since December 2016—that was the biggest weekly cut since February 2015.

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