Oil Prices Under Fire As Rig Count Continues To Rise

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 6 to 384. The oil and gas rig count has risen for ten weeks in a row for a total gain of 74. The oil rig count increased by 6 this week, while the number of gas rigs remained unchanged. The number of miscellaneous rigs also remained unchanged. Total oil and gas rigs in the United States are now 406 less than this time last year. The EIA’s estimate for oil production in the United States fell for the first time in six weeks for the ending January…