Just as we expected, based on lagged oil prices, the US oil rig count rose this week. The oil rig count rose 9 to 325 – the biggest increase since Dec 2015. This is the second week in a row with no decline in rigs as the market’s self-defeating fears of a production resurgence drive oil prices lower on the news.
and the reaction is back to the lows of the day…
Did The OPEC fail spike mark the cycle rebound highs?
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