The count of US oil rigs fell at the slowest pace in 24 weeks.

Data from Baker Hughes showed that the number of oil rigs fell this week by 1 to 659, the lowest count since August 20, 2010.

The count of combined oil and gas rigs fell by 3 to 885, the lowest since June 12, 2009.

Last week, the number of oil rigs fell by 8 to 660, and the count of combined oil and gas rigs fell by 6 to 888.

Following the data, West Texas Intermediate crude oil was down about 1%, trading near $59.74 per barrel. The trade lower follows a rally on Thursday that took WTI back above $60 per barrel.

The drop in the rig count comes amid commentary by some analysts that there's a slowdown in drilling activity.

Here's a comment we highlighted earlier this week via Morgan Stanley, following an oil and gas industry conference in Houston:

"Within the outlook for improving returns, we heard a consistent message across US shale E&P's that the focus would be returns and profitability rather than a headlong rush back to volume at any price."

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

