Is The Oil Rig Count Collapse Finally Over?

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 4 to 183. The total number of active oil and gas rigs increased for the week by 6 to 261, with oil rigs increasing by 4 and gas rigs increasing by 2. Total oil and gas rigs in the United States are now down by 599 compared to this time last year. The EIA’s estimate for oil production in the United States fell for the week ending September 18—the last week for which there is data, to 10.7 million barrels of oil per day, down from 10.9 million bpd…