U.S. Oil and Gas Producers Add More Rigs, Baker Hughes

U.S. oil producers added 21 rigs over the past week, totaling 498, according to the weekly Baker Hughes (BHI) rig count report released Friday. This is the largest uptick since July 2015. Six gas rigs were created, totaling 125. That brings the total oil and gas rig count to 624 - representing a weekly increase of 27. For the second week in a row, the Permian Basin had the biggest increase in rigs, with 11 created. This all comes as OPEC announced last month that it had reached a deal to cut production during the first half of 2017. TheStreet's Scott Gamm reports from Wall Street.