US drillers added 13 rigs to the number of oil and gas rigs this week, according to Baker Hughes, with oil rigs increasing by 15 and gas rigs dipping by 2. The oil and gas rig count now stands at 1,059—up 151 from this time last year. The Permian basin saw the biggest increase in the number of rigs, at 11. Meanwhile, neighboring Canada lost 2 oil and gas rigs for the week. Both the Brent and WTI benchmark took a steep nosedive on Friday day at 9:03am EST with both benchmarks sustaining more than a 2% loss on the day, as Saudi Arabia—OPEC’s largest member by production—and Russia were reportedly discussing lifting production by some 1 million barrels per day, with a decision expected on June 22 at the OPEC meeting in Vienna. This, despite OPEC’s compliance which has been over 100% for every month this week. Saudi […]