The US oil rig count fell by 11 to 332 this week, according to driller Baker Hughes. Last week, the oil rig count fell to a new six-year low, by 8. It was the fifth straight weekly decline. The gas rig count fell by 1, and the total rig count was down 9 to 431. When Baker Hughes released its quarterly earnings on Wednesday, it said it expects the North American rig count to stabilize in the second half of this year. It also cautioned that this doesn't mean drilling activity will meaningfully increase. Crude oil prices advanced steadily over the past week, gaining about 7% through Friday. Ahead of the rig count data release, West Texas Intermediate crude futures in New York were down 0.5% and near $45.80 per barrel. Refresh this page for updates. SEE ALSO: THE OIL CRASH CAUSED EXXON TO REPORT ITS WORST PROFIT SINCE 1999 Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy
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