Utah drill-rig count unchanged last week

The oil rig count climbed again this week, according to driller Baker Hughes. Canada had 208 rigs running after three oil-directed rigs packed it in since the previous count. They also climbed by 2 last week.

The US oil rig count plummeted as oil prices remained low and companies refrained from investing in new wells while attempting to get the most out of existing wells. The crude being pumped out of U.S. shale formations helped create a global glut that has pushed prices down 60% since June of past year .

U.S. crude oil futures have fallen by as much as 20 percent in the past month to 6-1/2-year lows.

Societe Generale analysts said small week-to-week changes in domestic natural gas production levels are a “non-story” through this summer. Prices are down by as much as 34 percent from their six-month high of $61.43 in early June.

Oil moved into a bear market in July, and the biggest producers are preparing for an extended downturn.

Reuters attributes the most recent dip in oil prices to the newest Baker Hughes Rig Count…