Source: ConocoPhillips Presentation According to Baker Hughes (NYSE:BHI), the US oil rig count fell for the 24th consecutive week and is now down to 659 active rigs. However, it seems rebounding WTI has removed some of the panic in the industry as the decline this week [that ended May 22] was just one active oil rig. This could be a sign the market is starting to stabilize in light of WTI bouncing from $43 a barrel to $60 a barrel over the past few months. We will have to see. Some shale operators, like EOG Resources (NYSE:EOG), have stated that if WTI starts to head towards $70 a barrel [EOG's management has commented that double-digit output growth would resume if WTI holds $65], they will begin churning out production growth once more. We will have to see. To read more about the energy/ oil & gas industry, check out my other articles. Disclosure: Callum Turcan, the author, does not own any of the companies mentioned above. Always do you own due diligence before investing.