After its earlier pump and rapid dump, WTI crude is unable to bounce for now despite the biggest rig count decline in 6 weeks. The oil rig count declined by 11 to 332 – the lowest since October 2009 – tracking lagged crude prices. If the co-dependence continues we would expect to see rig counts begin to rise (or stop declining) very soon. Total US rig count dropped to 420 – a new all-time record low.
- *U.S. TOTAL RIG COUNT DOWN 11 TO 420 , BAKER HUGHES SAYS
- *U.S. OIL RIG COUNT DOWN 11 TO 332, BAKER HUGHES SAYS
Will we see rig counts stabilize here – tracking the legged price of crude?
The post Crude Unable To Bounce Despite Biggest Rig Count Decline In 6 Weeks appeared first on crude-oil.top.