Monday's crude oil prices opened at $43.20, a three-month low as optimism wanes that OPEC will reach an agreement to cut or freeze output at its upcoming Nov. 30 meeting in Vienna, Austria. The price of oil has fallen steadily since closing at $51.82 on Oct. 19.
OPEC's production rose 240,000 barrels per day in October to to 33.64 million, while the U.S. active oil rig count gained two last week.
The count rose to 452 according to oilfield services company Baker Hughes, following the prior week's gain of nine. One year ago, the active U.S. oil rig count was 574 — a 21.3 percent difference.
The U.S. active gas rig count fell by two this past week to 115 and rigs labeled miscellaneous lost one, making the combined U.S. rig count 568 — down one from a week ago. One year ago, 767 total rigs were active.
While the year-over-year total rig count is down 25.2 percent, the count has climbed by 40.6 percent since bottoming out at 404 this past May.
Among top oil-and-gas producing states, Texas gained six rigs and Ohio gained one. Alaska and North Dakota each lost two, while New Mexico, Oklahoma, Pennsylvania and Utah each lost one.
Canada gained 22 total rigs last week, with its overall count rising to 176. It gained 13 oil rigs and 10 gas rigs and lost one labeled miscellaneous. The country's active rigs are split at 89 for oil and 87 for gas. One year ago, those counts were 68 and 108, respectively.