U.S. Rig Count Jumps Amid Rising Oil Prices

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 8 last week. The total number of active oil and gas rigs in the U.S. is now 392—or 398 less than this time last year. The oil and gas rig count has risen for eleven weeks in a row for a total gain of 82. The oil rig count increased by 4 this week, and the number of gas rigs also rose by 4. The number of miscellaneous rigs remained unchanged. The EIA’s estimate for oil production in the United States for the week ending January 29 was 10.9…