U.S. oil drillers cut rigs for a ninth week in the last 10, Baker Hughes Inc. (NYSE: BHI) said May 27, even as crude prices this week tested a seven-month high at $50 a barrel.

Drillers cut two oil rigs in the week to May 27, bringing the total rig count down to 316, the lowest since October 2009 and about half the 646 rigs of a year ago, Baker Hughes said in its closely followed report.

However, the total U.S. rig count remained unchanged from a week ago, holding at 404. The number of U.S. gas rigs increased by two to end the week at 87. A year ago, the U.S. gas rig count was 225, according to the report.

Canada’s rig count also fell, down one to 43. Canada picked up one gas rig, ending the week at 28, but the oil rig count fell by two to 14.

Prices were on track to recover for seven out of the last eight weeks, and are now at the high end of a level that analysts and producers had said could soon trigger a return to the well pad.

U.S. oil futures have recouped about half of their losses. They broke above the $50-mark on May 26 and were trading around $49 on May 27 with analysts predicting range-bound markets for the next few months as supply outages slowly help clear a glut of crude.

U.S. oil executives and analysts have said any price rise above $50 could fuel a resurgence in new drilling projects.

Offshore