The U.S. oil-rig count fell by 5 to 510 in the latest week, according to Baker Hughes Inc., extending a recent streak of declines.
The number of U.S. oil-drilling rigs, viewed as a proxy for activity in the oil industry, has fallen sharply since oil prices began to fall. But it hasn’t fallen enough to relieve the global glut of crude.
There are now about 68% fewer rigs from a peak of 1,609 in October 2014.
According to Baker Hughes, the number of gas rigs declined in the latest week by 8 to 127.
The U.S. offshore-rig count was 29 in the latest week, up three from the previous week and down 25 from a year earlier.
Oil prices rebounded from depressed levels Friday, helping boost shares of energy companies. U.S. crude oil surged 6.5% to $31.44 a barrel, on track for its second straight day of gains.