Baker Hughes reported a drastic reduction to the number of active oil and gas in the United States this week. The total number of active oil and gas drilling rigs fell by 25 rigs, according to the report, with the number of active oil rigs decreasing by 21 to reach 852 and the number of gas rigs decreasing by 4 to reach 198. The oil and gas rig count is now 114 up from this time last year, 105 of which is in oil rigs. WTI prices were trading significantly up on Friday as China extended an offer to US negotiators to boost imports from the United States through 2024 by 1 trillion annually, according to CNBC. At 12:13pm EST, the WTI benchmark was trading up $1.49 (+2.85%) at $53.85—up roughly $2 week on week, with Brent crude trading up $1.47 (+2.40%) at $62.65 per barrel—up almost $2 week […]