With crude having rolled over, back to pre-inventory-data levels, hovering around $50, Baker Hughes reports the US oil rig count rose 4 to 432 – the 16th weekly rise in a row to th ehighest in 8 months.
US Oil Rig count data has risen for 16 straight weeks… to the highest in 8 months.
The rig count continues to track the lagged oil price very closely suggesting the trend of rising rig counts may be about to stop
And crude shrugs…
Charts: Bloomberg
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