Oil Tumbles After Rig Count Surges By Most Since Dec 2015

Just as we expected, based on lagged oil prices, the US oil rig count rose this week. The oil rig count rose 9 to 325 - the biggest increase since Dec 2015. This is the second week in a row with no decline in rigs as the market's self-defeating fears of a production resurgence drive oil prices lower on the news.

and the reaction is back to the lows of the day...

 

Did The OPEC fail spike mark the cycle rebound highs?