Baker Hughes announced on Friday that oil rig count increased for the 5th week in a row, up by 2. The total number of active oil rigs in the US is now 674. Last week oil rigs climbed, also by 2. Shortly after the announcement, West Texas Intermediate crude fell below $40 per barrel for the first time since 2009. With oil under $40 per barrel, markets remain responsive to any signals that the current supply glut is worsening.

Here’s the latest chart showing the current oil rig count:
oil-rigs-chart-8-21-15