Despite chatter that some US independents are beginning to ramp up activity again as US oil prices approach $40 per barrel, the domestic oil rig count continued to slump last week to its lowest level since June 2009. The closely watched weekly rig count from oil-field services provider Baker Hughes showed the US oil rig count was down by 16 last week to 206. At the same time last year, the oil rig count in the US stood at 789.
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