With production soaring by the most in almost 2 years, the rig count declines (or additions) appear to have become noise but following last week's single oil rig decline but this week's re-acceleration of declines is rather notable. Total rigs declined 10 to 875 and oil rigs declined 13 to 646 (the biggest weekly drop in a month). Crude prices had soared into the rig count data (despite the record production in Russia, OPEC's promise to keep production at highs, US production surging, and economic growth slumping) and kept going after.
*U.S. OIL RIG COUNT DOWN 13 TO 646, BAKER HUGHES SAYS
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And Total Rigs decline 13...
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Crude was ripped higher into the data and kept going...
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Charts: Bloomberg
