U.S. rig count plunges to record low since 1999

The number of rigs still operating for oil and gas fell by nine to 488 in the United States last week, the lowest recorded level since 1999, according to data released by the Houston-based Baker Hughes Inc. on Friday.

Baker Hughes, one of the world's largest oil field services companies, said the number of oil rigs fell by six to 386 last week, the lowest level since 2009, while the natural-gas rig count dropped by three to 94, the lowest since 1987.

U.S. oil rig counts have been falling sharply since late 2014 when global oil prices began fluctuating due to the oil glut. In 2014 just before the prices drop, the United States had a total of 1,609 oil rigs.

On Friday, the Paris-based International Energy Agency said there are signs that oil prices passed their lowest point at 28.50 U.S. dollars per barrel in mid-January. Brent crude, the global benchmark, has since then risen to around 40 dollars a barrel, spurred in large part by declining output across America's energy patch.

Recently, U.S. crude increased by 2.3 percent to 38.7 dollars a barrel on the New York Mercantile Exchange. Endi