The number of rigs targeting oil and gas reserves in the United States in May was double the level from last year, Baker Hughes reported. Rig counts serve as a loose metric to gauge the industry’s interest in spending on exploration and production in a particular sector. A report last year from consultant group IHS Markit found new production from the heavier oil sands in Canada, for example, needed crude oil prices higher than $70 per barrel in some cases to get off the ground. U.S. shale oil basins, meanwhile, have become more efficient and therefore more resilient to a weaker market. Oilfield services company Baker Hughes reported a net gain in North American rig counts, […]