The the number of active oil and gas rigs fell sharply in the United States this week according to Baker Hughes, despite US oil production resuming highs this week that were previously reached in late February. The total number of active oil and gas drilling rigs fell by 10 rigs according to the report, with the number of active oil rigs falling by 9 to reach 824 and the number of gas rigs falling by 1 to 192. The oil and gas rig count is now just 21 up from this time last year, 20 of which is in oil rigs. Oil prices were trading down earlier on Friday leading up to the data release despite strong bullish factors for oil with the Energy Information Administration reporting a huge draw in crude oil inventories earlier in the week—the biggest draw since July. Analysts are blaming the price drop on […]