Rig Count Increasing

The number of rigs operating in the U.S. has slowly increased for the past five weeks. Baker Hughes reported that 10 rigs were added the week ending July 8, bringing the total count up to 351. The first week of July 2015 the count was 645. The oil price fell to $45 per barrel, the sharpest decline in the past five months, due to “global economic worries.” The consensus is that the rig count has bottomed out in the U.S. and that the oil price will rise to the $47 to $50 range for the remainder of the year.