By Barani Krishnan
The number of actively-operating oil rigs in the United States has fallen beneath lows not seen since the financial crisis as drillers cut back on activity after a plunge in demand for crude forced by the coronavirus pandemic.
U.S. oil rigs, as measured by oil services firm Baker Hughes, fell by 33 this week to 292. The number previously had never fallen beneath 300, since the Great Recession from 2007 to 2009.
West Texas Intermediate, the benchmark for U.S. crude, was up 36 cents, or 1.5%, at $23.91 per barrel by 1:32 PM ET (17:32 GMT).
The total U.S. rig count, which includes rigs drilling for natural gas, meanwhile, hit a record low of 374, after falling by 34 for the week.
