US drillers added 8-rigs to the total number of oil and gas rigs this week, according to Baker Hughes, adding 5 oil rigs and 3 gas rigs. Meanwhile, neighboring Canada lost 5 oil rigs and 3 gas rigs for the week, after shedding hundreds of rigs in the in the last couple of months. While oil prices are up on the month, both the Brent and WTI benchmark were trading down on the day in morning trading as the dollar rose but began paring some of those losses in the early afternoon. Still, support for the higher oil prices remain as worry over Iranian sanctions persists—a worry that will likely continue to bolster oil prices until a decision is made on May 12—along with falling production in Venezuela and Angola. The latest Monthly Oil Market Report by OPEC reveals that in the first quarter, Angola produced 1.574 million bpd […]