With inventories building, production limping lower, and prices tumbling (and spiking), Baker Hughes reported a 12 rig drop in the total rig count to 775 rigs (the 10th week without a rise in total rig count). However, the oil rig count tumbled 16 to 578, the 2nd biggest weekly decline in 6 months to its lowest since June 2010.
- *U.S. TOTAL RIG COUNT DOWN 12 TO 775 , BAKER HUGHES SAYS
- *U.S. OIL RIG COUNT DOWN 16 TO 578, BAKER HUGHES SAYS
Extending Crude's gains...