Oil Rig Count Inches Higher Amid Price Plunge

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 1 to 181. The total number of active oil and gas rigs increased for the week by 2, with oil rigs rising by 1 and gas rigs holding steady. Total oil and gas rigs in the United States are now down by 642 compared to this time last year. The EIA’s estimate for oil production in the United States dropped off considerably for the week ending August 28—the last week for which there is data, to 9.7 million barrels of oil per day. Oil production in the…