Baker Hughes Reports March 2016 Rig Counts

U.S. energy firms are operating oil rigs at the lowest level since November 2009, according to Baker Hughes Incorporated BHI's latest report.

According to Baker Hughes, drillers eliminated eight oil rigs over the past week, bringing the total rig count down to 354. The company also reported that the number of U.S. oil rigs currently operating compares with the 760 rigs that were in operation in the same week a year ago.

Prior to this week's data, Baker Hughes noted that drillers cut on average 13 oil rigs per week for a total of 174 thus far in 2016.

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Reuters, citing several analysts, suggested that the near 50 percent rebound in crude futures since bottoming near $20 per barrel could result in an increase in the rig count. The publication also added that U.S. crude futures were demanding around $42 per barrel for the remainder of 2016 and around $44 for 2017. Image Credit: Public Domain