U.S. Oil Rig Count Falls Despite Stabilizing Crude Prices

Baker Hughes reported on Friday that the number of combined oil and gas rig count in the US fell yet again this week by 3, to 244, as the pandemic continues to batter the oil and gas industry that is coming off a second-quarter financial season filled with billions in industry writedowns and projections of weaker-than-projected oil demand growth going forward. Total oil and gas rigs in the United States are now down by 691 compared to this time last year. The number of oil rigs slipped for the week by 4 rigs for the second week in a row, according…