Haynesville rig Oil prices dipped lower Friday afternoon on news that the U.S. oil rig count was up by nine this week, to a total of 325 rigs in what is the largest increase in the weekly rig count since December last year. As Oilprice.com has noted repeatedly, any increase in oil prices would lead to an uptick in U.S. production, as evidenced by a halt to the previously steady decline in U.S. counts this week. According to Baker Hughes rig count data released on 3 June, while the oil rig count was up nine to 325, the gas rig count fell five to 82 rigs. The total rig count—both oil and gas—was up four to 408. (Click to enlarge) On the news, West Texas Intermediate (WTI)—the US crude oil benchmark—was down 1.4 percent, this afternoon, to US$48.35 per barrel in New York. Related:Against All Odds, Russia Plans to […]