Baker Hughes reported another dip in the number of active oil and gas rigs in the United States today. Oil and gas rigs decreased by 7 rigs, according to the report, with the number of oil rigs decreasing by 1, and the number of gas rigs decreasing by 6.

The oil and gas rig count now stands at 1,052—up 111 from this time last year.

Canada, for its part, gained 21 oil rigs for the week—after last week’s gain of 27 oil and gas rigs. Despite weeks of significant gains, Canada’s oil and gas rig count is still down by 10 year over year.

Oil benchmarks surged on Friday afternoon as the market processed OPEC’s agreement to stick more closely to the production cuts by holding the feet to the fire of those members who had underproduced its quota under the OPEC deal that went into effect in January 2017. The OPEC meeting on Friday resulted in OPEC agreeing to increase production to get back to agreed upon levels, which is about 1 million bpd more than the cartel produced in May, when compliance to the quota was about 150%. Missing from the events of the day was OPEC’s agreement to undo the production cut deal, or to gradually increase production beyond the contractual amount of 32.4 million bpd. The absence of any real change to the production quota proceeded a significant price spike of 4%, as relief set in that OPEC deal would either fall apart or come to an early end. Related: OPEC+ Proposes 1-Million-Bpd Production Increase

At 11:44am EDT, the WTI benchmark was trading up 3.83% (+$2.51) to $68.05, with Brent up 2.31% (+$1.68) to $74.48. Both benchmarks are up week over week as well as on the day.

US oil production continues putting downward pressure on oil prices, and for the second week in a row, US production reached 10.900 million bpd—close to the 11 million bpd production that many had forecast for the year. This week is the first week in over a quarter that wasn’t an increase.

At 6 minutes after the hour, WTI was trading up 4.81% at $68.69, with Brent trading up 2.18% at $74.39.

By Julianne Geiger for Oilprice.com

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