Crude Slips After Oil Rig Count Surges By Most In 15 Months

Total US rig count increased a somewhat stunning 19 last week to 876 - the highest since May. This is the biggest rise in rig count since August 2014. The oil rig count surged 21 to 659 - this is the biggest weekly rise since April 2014.

  • *U.S. TOTAL RIG COUNT UP 19 TO 876 , BAKER HUGHES SAYS
  • *U.S. OIL RIG COUNT UP 21 TO 659 , BAKER HUGHES SAYS

Louisiana (up 7) and Texas (up 8) saw the biggest increases.

 

The jump in total rig counts was big:

 

But oil rig counts surged by 21 - the most since April 2014.

 

The reaction - crude is sliding even further.

 

Charts: Bloomberg