Baker Hughes has reported that the number of oil and gas rigs in the United States rose this week, bucking the downward trend of recent weeks. The number of oil rigs climbed by 9 this week, while the number of gas rigs stayed the same. WTI and Brent have both continued a steady upward climb as the market grows bolder in believing that OPEC can rebalance the market, and after a series of surprise arrests in Saudi Arabia provided a bit of instability concerning oil supplies in the region. The total oil and gas rig count in the United States now stands at 907 rigs, up 339 rigs from the year prior, with the number of oil rigs standing at 738 versus 452 a year ago. The number of gas rigs in the US now stands at 169, up from 115 a year ago. Canada, too, saw an increase […]