Baker Hughes reported a 4-rig increase for oil and gas in the United States this week, bringing the total number of active oil and gas rigs to 1,067 according to the report, with the number of active oil rigs increasing by 4 to reach 873 and the number of gas rigs increasing by 1 to reach 194. Miscellaneous rigs fell by 1. The oil and gas rig count is now 154 up from this time last year. Crude oil rallied on Friday as China’s oil demand surged in September, with its refinery runs reaching 12.49 million bpd, more than 600,000 bpd higher than run rates in August. Further support for oil prices on Friday came from a newly surfaced document purporting that OPEC and its allies were having difficulty boosting production by 1 million bpd like it had promised in June. At 11:57pm. EDT on Friday, WTI Crude was […]