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Oil rig count rises for 6th straight week (USO, WTI, OIL)

The US oil rig count rose by three to 428 this week, according to oilfield-services giant Baker Hughes. The gas rig count fell by two to 94. Miscellaneous rigs rose by one to two, taking the total up by two to 524. Last week, the oil-rig count increased by seven, while the gas rig count rose by four. Drillers were forced to cut costs in the wake of the oil crash, and taking active rigs offline was one way to achieve that.
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