U.S. oil-rig count fell by 83 to 1140 in the latest week, according to Baker Hughes Inc.
Oil prices spiked last week after Baker Hughes reported that U.S. oil rig count dropped to a two-year low of 1,223. Market participants say oil prices, which have fallen more than 50% in the past seven months, could be bottoming out as producers react to the low prices by cutting expenditure and reducing drilling activity.
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March oil futures are up 4% to $52.50 a barrel.
Gas rigs were down four to 314 this week. The U.S. offshore rig count is at 50, up one from last year and down four from the same period in the year-earlier period.
For all rigs, including natural gas, the week's drop was 87 to 1456. Compared to a year ago, this week's down is down 315 from 1771.