The number of oil rigs in use in the US keeps collapsing.

This week, the number of active rigs fell by 42 to 760, the lowest weekly total since December 17, 2010.

Combined oil and gas rigs were down 40 to 988 as 2 natural gas rigs came on-line this week. This is the lowest combined total for oil and gas rigs since August 21, 2009.

Since hitting a peak of 1,609 back in October 2014, the number of US oil rigs in use is down by about 53%.

The biggest declines this week was seen from horizontal drilling rigs, as 29 horizontal rigs shut down; 8 vertical and 3 directional rigs also shut down. On state-by-state level, Texas saw 29 rigs shut down last week, with 21 of those coming from the Permian shale basin. The Eagle Ford shale basin saw the second most rigs shut down last week with 12.

In its January earnings report, Baker Hughes said that during past oil downturns the number of rigs in use has declined by 40%-60%.

Here's the latest chart showing the collapse in rig count.