With oil prices recovering from yearly lows, oilfield services company Baker Hughes said there was an increase in U.S. exploration and production activity. Baker Hughes reported an average 580 rigs in service in the United States in November , up 36, or 6.6 percent, from the previous month. That followed a 3.3 percent, or $2 per barrel, jump in November prices for West Texas Intermediate, the U.S. benchmark price for crude oil. WTI is holding above the $50 per barrel mark since members of the Organization of Petroleum Exporting Countries in late November agreed to hold output at 32.5 million bpd starting in January. Last week, Baker Hughes reported 597 rigs in active service in the United States. Rig numbers serve as a barometer to gauge how confident companies are in investing in new exploration and production activity. Outside the United States, rig counts […]