The United States oil-rig count decreased by eight rigs to 644 in the latest reporting week. This represents the third-straight decline after six consecutive weeks of increases.
The number of U.S. oil-drilling rigs, which is viewed as a proxy for activity in the oil industry, has fallen sharply since oil prices started falling in 2014.
The rig count dropped for 29 straight weeks before climbing modestly in recent weeks. Despite recent increases, there are still about 50% fewer rigs working since a peak of 1,609 in October.