The oil rig count in U.S. has declined for fifth consecutive week, according to the latest data released Friday by oilfield services company Baker Hughes.
The number of oil rigs, an indicator of short-term production in the country, fell by 66 to reach 438 for the week ending April 17, from 504 the previous week.
This marked the steepest weekly decline in the number of oil rigs in the U.S. since February 2015.
With the latest result, the number of oil rigs in the country has also hit its lowest level since October 2016, according to data.
In the past five weeks, the decline in oil rig count in the U.S. totaled 245, the data showed.
At Friday's close, price of international benchmark Brent crude stood at $28.08 per barrel, while American benchmark West Texas Intermediate (WTI) was at $18.27 a barrel.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr