Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 5 to 226. The total number of active oil and gas rigs increased for the week by 4, with oil rigs rising by 5 and gas rigs falling by 1. Total oil and gas rigs in the United States are now down by 517 compared to this time last year. The EIA’s estimate for oil production in the United States fell in the week ending October 30—from 11.1 million barrels in the week prior to 10.5 million barrels of oil per day in the most recent reporting period. U.S. oil production has been bouncing around between just under 10 million bpd and just below 11.2 million bpd for months now as the pandemic continues to sap demand for crude oil, with no indication that production will break through either of those limits. […]