The number of oil rigs in use in the US fell by 84 this week to 1,056, according to data from oil driller Baker Hughes.

Following this release, the price of West Texas Intermediate crude oil remained higher, up about 3.5% to trade near $53 a barrel.

The number of oil rigs in use is down from a peak of 1,609 hit in October 2014 and is the lowest total since August 2011. The biggest declines this week came from Texas, where 56 rigs shut down, 49 of which came out of the Permian shale basin.

By drilling method, 63 horizontal rigs shut down this week, while 12 directional rigs shut down and 23 vertical rigs shut down.

Compared to a year ago, the number of oil rigs in use is down by 367.

Combining oil and gas rigs, the number in use fell by 98 this week to 1,358. This is tied for the biggest one-week drop since Baker Hughes began collecting rig count data in 2000, and the number of combined oil and gas rigs is at its lowest level since February 2010.

Last week, the number of oil rigs in use fell by 83 to 1,140.

The current drop serves as about a 35% drop from the most recent peak, and on its most recent earnings conference call Baker Hughes said that in past downturns, the number of rigs in use has declined by 40%-60%.

Some in the market see these declines as a positive for the price of oil, as fewer rigs could mean less production, which could put upward pressure on prices. For the companies and workers operating these rigs, however, this means lost dollars and lost jobs.

Here's the latest chart showing the decline in the number of rigs.