U.S. Oil Rig Count Rises For The Eighth Week In A Row

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 236—the eighth week of oil rig additions. The total number of active oil and gas rigs increased for the week by 12, with oil rigs rising by 10 and gas rigs rising by 2. Total oil and gas rigs in the United States are now down by 494 compared to this time last year. The EIA’s estimate for oil production in the United States held fast in the week ending November 6—at 10.5 million barrels of oil per day in the most recent reporting period,…