Crude Holds Losses Despite 10th Consecutive Weekly Decline In Rig Count

For the 10th consecutive week, the US oil rig count declined. Dropping 6 to 572 rigs, this is the lowest since June 2010. WTI Crude prices were unmoved by the drop having tumbled earlier after the 'great' payrolls data.

[3]

Rigs continue to track almost spookily the 3mo ahead crude price...

[4]

Charts: Bloomberg