The number of oil rigs at Baker Hughes reached 496, compared to 497 last week

Weekly rig count reviews;

• The number of oil rigs is 496 compared to 497
• Gas 100 versus 99 last week
• Total rigs 600 for $600 last week

Crude oil is trading down $0.50, or -0.75%, at $77.32

• US drilling companies cut oil and gas rigs for the third month in a row.
• Drilling companies have grounded the most oil and gas rigs in a single month since August
• Drilling companies reduced oil rigs in May, the first monthly reduction since January
• Drilling companies have grounded the most oil rigs in a single month since September

This article was written by Greg Michalowski at www.forexlive.com.