The number of oil and gas rigs in the United States rose again this week, this time by 8, according to Baker Hughes, ending a short-lived downward trend in weeks prior. The number of oil rigs stayed flat this week, while the number of gas rigs gained eight. The WTI and Brent benchmarks fell earlier in the week on a surprise increase in crude oil inventory reported by API and EIA, and probably the biggest catalyst this week, IEA’s downward revision for crude oil demand growth. Still, crude oil managed to rally on Friday before the data release. The total oil and gas rig count in the United States now stands at 915 rigs, up 327 rigs from the year prior, with the number of oil rigs standing at 738 versus 471 a year ago. The number of gas rigs in the US now stands at 177, up from […]