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Baker Hughes rig count data, released Friday,...>

OIL
OIL: Baker Hughes rig count data, released Friday, showing a two rig increase to
766 rigs for U.S. "oil-only" rigs in the week ending July 28. This is still more
than double the 374 rigs seen a year ago. However, rigs were still down 52.4%
from the peak rig count of 1,609 rigs seen Oct. 10, 2014.
- A CNBC report Thursday noted that shale oil drillers have been cutting 2017
capital spending plans after oil prices slipped in Q2.
- The fear recently has been that increased U.S. oil production would offset any
production cuts made by OPEC/non-OPEC members.

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