Rig counts continue to climb while oil prices retreat
After yesterday’s bottom fell out for oil and prices hover near the $45 per barrel mark, the U.S. rig count continues to increase. The total number of rigs actively drilling this week increased by nine to 440, according to information released from Baker Hughes Industries (ticker: BHI). Despite increases over the past weeks, the total rig count is still down 423 rigs from this time last year.

The number of rigs targeting oil rose by 10 in the week ended July 8, 2016, to 351 as operators ...

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