Oil Prices Rise Amid Further Rig Count Decline

The US oil and gas rig count fell by 5 this week, according to Baker Hughes, after losing rigs last week as well. The total number of active oil rigs in the United States fell by 4 according to the report, reaching 784. The number of active gas rigs decreased by 2 to reach 172. Miscellaneous rigs gained 1. The combined oil and gas rig count is now 958 for the week, with oil seeing a 79-rig decrease year on year and gas rigs down 17 since this time last year. The combined oil and gas rig count is down 96 year on year. Year-to-date, the oil rig count…