US oil-rig count falls for the first time in 5 months

The count of working oil rigs in the US fell this week for the first time in 24, breaking the record streak of increases.

The oil-rig count according to Business Insider, fell by two to 756, oilfields-services giant Baker Hughes said in its weekly report on Friday. The gas-rig count rose by one to 184. With miscellaneous rigs down one to zero, the total rig count fell by one to 940.

This drop is a blip that even the chart below doesn’t show as the supply glut persists. US oil prices were on pace for a 5% drop in June, the steepest since March, amid continued evidence that shale drillers were not slowing down production and doubts that OPEC’s deal to cut production would balance the market.