U.S. Rig Count Climbs As Crude Prices Rally

The number of oil and gas rigs in the United States rose by 5 this week, according to Baker Hughes, bringing the total number of additions since the start of the summer to 85. The total rig count is now at 533, up 264 from this time last year, steadfastly making up lost ground from the 790 active rigs as of March 2020. The U.S. oil rig count rose this week to 433—a 5-rig increase. The number of gas and miscellaneous rigs again stayed the same. The EIA’s estimate for oil production in the United States for the week ending October…