After 28 consecutive weeks rig counts declines in America - despite crude production levels hitting new cycle record highs - Baker Hughes reports Total Rig Count increased 2 to 859 this week. The oil rig count dropped 3 to 628. Crude's price reaction is negligible.
Total Rig Count rose for first time since Dec 5th...
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But oil rigs decline contionued...
- *U.S. OIL RIG COUNT -3 TO 628, BAKER HUGHES SAYS
- *OIL RIGS IN WILLISTON BASIN FALL BY THREE TO 74: BAKER HUGHES
- *OIL RIGS IN PERMIAN BASIN FALL BY TWO TO 230: BAKER HUGHES
- *OIL RIGS IN TEXAS'S EAGLE FORD SHALE UNCHANGED AT 83
- *OIL RIGS OUTSIDE MAJOR BASINS JUMP BY 10 TO 141: BAKER HUGHES
But production just keeps rising...
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Charts:Bloomberg
