Rig count climbs by one despite oil production drop
Baker Hughes data showed the oil rig count decreased by three week over week to 756, while the natural gas rig count grew by four to 187.
Meanwhile, the U.S. offshore rig count is flat week over week and down two year over year.
Baker Hughes rig count is now up 436 rigs since this time in 2016, with oil rigs up 342, natural gas rigs up 95 and miscellaneous rigs down one. ■