Baker Hughes's weekly count fell by eight drilling units to 787 active drilling rigs.

That is more than 1,130 fewer rigs than the same week of last year.

Canada's count increased by one unit to 181, which is still sharply below the 236 rigs this time last year.

The rig count is a key data point for oil market activity, though it does not distinguish between land-based and floating rigs.

Stocks for US offshore vessel owners are declining today, with Tidewater slumping 5.6%