The number of rigs actively exploring for or producing oil or gas in the United States was up 4.4 percent year-on-year in January, Baker Hughes reported. Baker Hughes published its report for January rig counts . Rig counts reflect exploration and production activity and serve as a loose barometer for industry confidence in a particular market. In the United States, the oilfield services company recorded 683 rigs on average working as of January. That’s up nearly 8 percent from December and 4.4 percent higher than January 2016. The worldwide rig count was 1,918 for January, up 8.2 percent from December and up 1.4 percent year-on-year. Crude oil prices dropped below $30 per barrel in early 2016, but recovered to around […]