The number of oil rigs in the U.S. have fallen for the fourth consecutive week, the oilfield services company Baker Hughes data revealed Friday.
Oil rig count in the country declined by three this past week to reach 351 -- the lowest since November 2009.
Thus, total number of oil rigs in the U.S. have decreased 78 percent since its highest level in October 2014 when they were at 1,609.
The U.S. oil rig count provides an indication on the well-being of the oil sector in the country, and signals possible short-term production cuts and increases. Due to low oil prices, oil rigs are removed, wells are shut down, while production declines.
Domestic oil production in the U.S. fell below nine million barrels a day last week -- the lowest level since September 2014.
This is a decline of close to 600,000 barrels a day since April 2015 when output reached its highest level at almost 9.7 million barrels a day, according to the country's Energy Information Administration.
By Ovunc Kutlu in New York
Anadolu Agency
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