Rig Count Rise Fails To Slow The Oil Price Rally

Baker Hughes reported on Wednesday that the number of oil rigs in the United States rose by 10 to 241, resuming its climb after a one-week decline last week.  The total number of active oil and gas rigs increased for the week by 10, with oil rigs increasing by 10 and gas rigs rising by 1. Miscellaneous rigs fell by 1 rig. Total oil and gas rigs in the United States are now down by 482 compared to this time last year.  The EIA’s estimate for oil production in the United States rose again last week as well, to 11.1 million barrels…