Oil prices stabilized on Friday as data from oilfield services firm Baker Hughes showed the decline in its oil rig count entered its 8th month. Active US oil rig count is currently at 628, the lowest since August 2010. In comparison, same time last year there were 1558 active oil rigs in the US.

U.S. crude dropped 0.1% to $59.63/barrel on Friday. Brent crude was flat at $63.20 a barrel. Today’s data showed that rig count dropped by 3 this week which was the smallest drop in 5 weeks – a possible sign that the collapse in drilling is ending.

“There’s a lot of crude oil that’s trying to find a home … That limits the potential for a crude oil rally and puts pressure on the price,” said Olivier Jakob, managing director of Petromatrix.

declining US oil rig count