The number of oil rigs in the U.S. dropped to its lowest level since April, according to data released by oilfield services company Baker Hughes on Friday.
The oil rig count, which is an indicator of future crude oil production, fell by 16 for the week ending Aug. 23 to reach 754 from 770 the week before.
While the recent drop in the number of oil rigs marked the largest weekly drop since the week ending April 26 in the U.S., it also recorded the seventh weekly drop in the past eight weeks.
With that result, total number of oil rigs in the world’s biggest oil producer also reached its lowest level since January 2018.
Despite the decline in the oil rig count, crude prices saw sharp decline on Friday after China and the U.S. imposed retaliatory tariffs on each other.
The international benchmark Brent crude fell 1.32% to close Friday at $59.13 per barrel, while American benchmark West Texas Intermediate lost 2.53% to finish the day at $53.95 a barrel.