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Crude Jumps Back Above $50 As US Oil Rig Count Declines For 6th Straight Week
Following last week's biggest rig count decline in 5 months, Baker Hughes reports a smaller decline of 9 oil rigs this week to 605 - the lowest since July 2010. WTI Crude was trading just below $50 as the data printed and jumped above it on the rig count drop.
- *U.S. OIL RIG COUNT DOWN 9 TO 605, BAKER HUGHES SAYS
WTI Crude, having slipped off its lows back below $50 ahead of the rig count data, jumpe dback above it...
Charts: Bloomberg
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One thing is not equivalent to the other and the actual market is, at best, flat. Of course the market benders have to squeeze a few drops of blood out of it.....
The House just voted/passed to lift the export ban, now to the Senate then the Presidents for veto.
A stray missile from Russia that ends up in Saudi Arabia can easily push crude over $100 a barrel
There is a push to ramp the price up to prevent defaults in the shale oil industry. Solvency is based on the 12 month average of the oil price, Yes, we are entering into false flag event territory. Suckers beware.
I have no doubt it will tumble to below $30 soon.
they can pump the same amount with less rigs. that's the "revolution" part of shale revolution
At least temporarily. I'm just waiting to see what the Houthis will do (with Iranian help) to any southwestern Saudi oil facilities.
Cushing inventory up.
Refinery demand down.
Yet oil prices go up?
http://marketrealist.com/2015/10/cushings-crude-oil-stocks-impact-crude-...
More likely dollar weaknesss in my opinion.