Oil Rig Count Rises

The Baker Hughes rig count for the week ending Nov 15, showed an increase in oil rigs in the U.S. for the first time in eleven weeks. The oil rig count increased by two. However, the natural gas rig count fell by 6 during the week. In the past 12 months the total oil and gas rig count fell 60%, losing 1,161 rigs. Of these 1004 were oil rigs (64%) and 157 were natural gas rigs (45%).