Oil rig counts climb for third straight week
The total number of rigs actively drilling in the United States rose by ten this week, reaching 884, according to the latest rig count from Baker Hughes (ticker: BHI). The number of rigs drilling for oil rose for the third straight week to 670 while rigs drilling for gas increased by four to 213. The continued growth of rig counts put pressure on the price of West Texas Intermediate, pushing prices of WTI down below the $44 mark today, despite a larger than expected draw on crude oil inventories.

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