Crude oil trades at $51.34 before release
The high for the last 12 months came in at 541 back in December 2015. The low reached 216 back in May 27, 2016. So there has been a steady move back to the upside. If the price of oil continues to rise on the back of a OPEC cut in production, expect the US rig count to continue to move higher. It is about economics and at a higher price, more rigs can come online profitably.
Baker Hughes total rig count 597 vs 593 for the week ending December 2nd
