Basin rig count down one as oil prices slump

The rig count in the Permian Basin was down by one this week, the latest count Friday by Baker Hughes shows, with 459 rigs active in the region. A year ago, 458 rigs were active in the region.
Nationally, the oil and gas rig count is down one from last week at 990 rigs. A year ago, 1032 rigs were active. The count shows that 807 rigs sought oil, up two from the previous week, and 183 explored for natural gas, down three from the previous week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $58.50 per barrel, down $1.25 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $61.94 per barrel, down $1.36 from the previous week.