The number of active oil rigs in the United States fell this week by 1 rig—it’s second loss in four weeks, and its third loss this year—in a sign that the gains we’ve seen week after week are starting to slow. Combined, the total oil and gas rig count in the US now stands at 950 rigs, with oil rigs falling by one and gas rigs falling by one. The market may want to rejoice in this week’s falling US rig count, but things don’t look so good everywhere when it comes to oil prices—Baker Hughes also reported today that Canada’s rig count increased by 15, erasing—and then some—any optimism that may otherwise have come from the falling number of active rigs in the US. Prices had fallen by mid-day on Friday on reports that OPEC’s production would likely increase in July, lowing compliance from the cartel, which had […]