Amid oil's worst week in 2 months (and a big bounce today on the back of Putin's comments) following large inventory builds and disappointing demand factors (PMI, ISM, shipping), Baker Hughes reports the US Oil Rig count rose by 1 to 407 (following last week's unchanged) – the highest in 7 months. This is the 10th straight week no decline in the rig count and crude is sliding on the print…
- *U.S. TOTAL RIG COUNT 497 , BAKER HUGHES SAYS
- *U.S. OIL RIG COUNT 407 , BAKER HUGHES SAYS
The 10th week without a decrease in oil rig counts…
And the reaction in crude is much more notable than in recent weeks…
Charts: Bloomberg
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