Baker Hughes (BHI) reports the number of active U.S. oil and gas rigs is back up, rising to 431 this week, an increase of 10 rigs over last week.

The news follows a somewhat choppy week for commodity prices as the United Kingdom's decision to exit the European Union sent hell fire through the global economy in the early-on, but a larger-than-expected decline in domestic inventories gave oil its best single-day gains in two months on Wednesday.

U.S. oil rigs are up significantly by 11 to 341 from 330 last week, while U.S. natural gas rigs were down 1 to 89 versus 90 last week and miscellaneous rigs came in the same at 1.

And the U.S. offshore rig count took a hit this week, down 2 rigs to 19, and down 10 rigs year over year.

Leading up to last week's decline, a recent string of week-over-week increases in the U.S. active rig count had been a fairly positive event, but also had been somewhat expected by analysts at this stage in the cycle, as the count tends to lag increases in commodity prices by as much as a quarter. 

Commodity prices were unimpressive Friday, however with global benchmark Brent crude futures for September delivery up 8 cents at $49.79 per barrel and West Texas crude contracts for August delivery up 6 cents to $48.39 per barrel around 1 p.m. EDT.

Earlier this week Deutsche Bank analysts asked investors to take a deep post-Brexit breath, noting that crude fundamentals remain supportive into 2017.

"With the market post-Brexit focusing on potential currency/demand risks to crude, we take the opportunity to refresh our outlook on crude markets into 2017," Ryan Todd said. "Although we acknowledge the risk of increasing market uncertainty/volatility near term, and potential headwinds from FX and/or European product markets, we see little change to the underlying positive case for crude--steadily tightening balances and an inflection to supply deficits in [the second half of 2017] and view the [post-Brexit] reaction of energy stocks as overdone."

The firm estimates Brexit will impact global oil demand by less than 100 million barrels of oil per day and remains constructive on oil-levered names such as Pioneer Natural Resources (PXD) - Get Report , ConocoPhillips (COP) - Get Report , Devon Energy (DVN) - Get Report , and Marathon Oil (MRO) - Get Report .

Jeffries analysts also said this week that the fundamentals of the global oil market remain favorable for continued price recovery, and said they expect global inventories will begin to draw in the third quarter.

"In the very near term, however, Brexit, its corresponding risk-off trade and the strengthening in the US [dollar] could have a greater bearing on the oil price," Jeffries' Jason Gammel and Marc Kofler warned.

Nevertheless, the analysts said the global market soon will need a price signal that stimulates incremental investment in productive capacity, adding "it may be delayed by Brexit but won't be precluded by it."