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The North American count was bolstered by a significant uptick in Canadian rigs week-over-week, and U.S. oil producers have added more than 30 rigs so far in August.
Activity in the U.S. was up by 10 rigs as commodity prices approached the $50 per barrel mark, although the Canadian count slipped by 5 rigs.
Oil companies should aggressively be buying into the Permian basin, Cramer says
Here are Tuesday's top research calls, including an upgrade for Buffalo Wild Wings, downgrades for Apache and B&G Foods, and multiple ratings changes for Waste Management.