Oil prices under fire as rig count continues to rise

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by six to 384.
The oil and gas rig count has risen for 10 weeks in a row for a total gain of 74.
The oil rig count increased by six this week, while the number of gas rigs remained unchanged. The number of miscellaneous rigs also remained unchanged.
The EIA’s estimate for oil production in the United States fell for the first time in six weeks for the ending January 22, to 10.9 million barrels—still 2.0 million bpd off the all-time high reached last March.
Canada’s overall rig count increased this week as well, by 2. Oil and gas rigs in Canada are now at 174 active rigs and down 73 year on year.
The Permian basin saw an increase in the number of rigs by 4 this week, bringing the total active rigs in the Permian to 192, or 214 below this time last year.
WTI and Brent were both trading up on Friday on significant inventory decreases this week, combined with a weaker U.S. dollar.
At 11:20 a.m. EDT, WTI was trading up 0.65 per cent on the day at $52.61, up $0.14 per barrel on the week. Brent was trading up 0.77 per cent on the day, at $55.96, up $0.45 for the week.
At a few minutes post-data release, WTI was on the way down, sinking to $52.24, while Brent was trading at $55.92.