A day after OPEC extended the already-extended production cut deal to end-2018, oil and gas rigs in the US climbed by 6 . The boost to the number of oil and gas rigs in the US is likely just a taste of what’s to come if oil prices continue to climb as a result of OPEC’s prolonging of the deal that is designed to ease the glut. And at current prices of WTI, US drillers are bound to find sufficient funds to add rigs, pressuring the prices that OPEC is attempting to hold fast. This week, the number of active oil rigs increased by 2, with gas rigs climbing by 4. The WTI and Brent benchmarks slipped shortly after the agreement was signed on Thursday, but rebounded on Friday, with WTI up $1.23 (+2.14%) to $58.63 and Brent up $1.36 (+2.17%) to $63.99 around 11:00am EST. The total oil […]