Baker Hughes Inc. (NYSE: BHI) has released its weekly rig counts for the U.S., Canada, and international. While oil continues to stay high, the rig count picture is a mixed.

The U.S. Rig Count was up 2 from last week at 968; down 1022 year-over-year.

The Canadian Rig Count fell 25 from last week at 170; down 256 year-over-year. That is a disappointment.

The US Offshore rig count is 31, up 1 from last week; down 33 year-over-year.

Unfortunately, higher oil prices may only be so much help.

Jon C. Ogg
August 14, 2009