While higher than last year, a survey of U.S. exploration and production activity in October suggests the sector may go into hibernation during the winter. The analytics division of commodity pricing group S&P Global Platts recorded 1,033 rigs in active service in the United States last month, down about 1 percent from the previous month. Rig counts serve as a metric for activity geared toward exploration and production and serve as a loose barometer to gauge sector confidence. Rig counts plummeted last year under strains from lower crude oil prices, but have since recovered on improved market conditions. The price for West Texas Intermediate, the U.S. benchmark for the price of oil, was near $55 per barrel early Friday, up by […]