US oil rig count rises for a 6th straight week

The number of oil rigs in use in the US rose for the sixth-straight week this week, increasing 1 to 675.

This is still down from a peak of 1,609 in October 2014, though the decline in oil rig count has stabilized and has actually increased in 8 of the last 9 weeks.

The price of oil, however, still remains highly volatile.

On Friday, West Texas Intermediate crude oil prices were up as much as 7% after a 10% rally on Thursday. These moves, however, followed an early week crash that sent oil to fresh post-financial crisis lows.

Here's the latest chart of the rig count.

(Business Insider, data via Baker Hughes)

NOW WATCH: The oil boom in North Dakota now has a serious sex-trafficking problem

More From Business Insider

• DOW SINKS INTO CORRECTION, OIL CRASHES BELOW $40: Here's what you need to know
  

• The evolution of American energy consumption since 1776
  

• Oil rig count climbs for 5th straight week