U.S. Rig Count Continues To Climb Amid Soaring Oil Prices

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 last week. The total number of active oil and gas rigs in the U.S. is now 397—or 393 fewer than this time last year. The oil and gas rig count has risen for twelve weeks, during which time the rig count has increased by 87. The oil rig count increased by 7 this week, and the number of gas rigs dipped by 2. The number of miscellaneous rigs remained unchanged. The EIA’s estimate for oil production in the United States for the week ending…