The number of working oil and gas rigs in the US has fallen to 852 as more than 25 were taken out of service recently , the biggest drop since the sector 's last slump in 2016 . Their removal marked the third week in a streak of declining rig activity due to low oil prices that fell from its peak of $ 76 a barrel to $ 42 by the end of the month , amid a pipeline shortage . The number of working oil rigs, down by 21 over the week, fell to 852, the lowest since Oilfield services giant Schlumberger predicts that shale output will flatten in 2019 due to low oil prices as oil companies curb spending on shale projects .
The number of working oil and gas rigs in the US has fallen to 852 as more than 25 were taken out of service recently , the biggest drop since the sector 's last slump in 2016 . Their removal marked the third week in a streak of declining rig activity due to low oil prices that fell from its peak of $ 76 a barrel to $ 42 by the end of the month , amid a pipeline shortage . Oilfield services giant Schlumberger predicts that shale output will flatten in 2019 due to low oil prices as oil companies curb spending on shale projects .