Oil rig count up, then down, then...

The US oil rig count fell by seven this week to 638, according to the driller Baker Hughes.

Last week, the oil rig count climbed for a second straight period, by five.

Last week marked the first back-to-back climb this year, preceded by 25 weeks of declines. That led some in the industry to think the rig count may have bottomed, including the CEO of Schlumberger, the world's biggest oilfield-services provider.

In the second-quarter earnings statement released Thursday, Paal Kibsgaard said: "We believe that the North American rig count may now be touching the bottom, and that a slow increase in both land drilling and completion activity could occur in the second half of the year." (by AKIN OYEDELE, Business Insider)