The number of US oil rigs fell by 8 this week to 660. This was the 23rd straight week the oil rig count declined, though this week rigs idled at the slowest pace of this streak.  

The oil rig count is now down about 60% from its peak of 1,609 hit back in October 2014, and this is the lowest oil rig count total since August 2010. 

Combined oil and gas rigs fell by 6 to 888. 

On Friday, West Texas Intermediate crude oil was down as much as 2% to back below $60, though oil prices are up about 40% from their March bottom, but shortly after the rig count data was released, oil prices were down about 0.7% to $60.40. 

Back in January, Baker Hughes said that during past oil downturns, the number of rigs in use has declined by 40%-60%. 

Here's the latest chart showing the plunge in rig count. 

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