Brutal 20-Week Rig Count Collapse Finally Subsides As Oil Prices Stabilize

Baker Hughes reported on Friday that the number of oil rigs fell, while the combined oil and gas rig count in the US held steady this week at 251, marking the end to the brutal 20-week slide. The total oil and gas rigs are down by 691 compared to this time last year. The number of oil rigs slipped for the week by 1 rig, according to Baker Hughes data, bringing the total to 180, in stark contrast to the 770 active oil rigs this time last year. The total number of active gas rigs in the United States rose this week by 1 rig, landing at 69 total rigs.…