Crude Drops After US Oil Rig Count Jumps Most Since 2009

Having risen for 6 of the last 7 weeks, the US oil rig count extended its run with a 14 rig surge this week - the biggest absolute rise since Dec 2015. Oil rigs have now risen 55 rigs in the last 8 weeks - the biggest percentage rise since Dec 2009. WTI is tumbling to fresh 3-month lows on the news...

  • *OIL RIGS IN D-J/NIOBRARA ROSE BY 2 TO 18: BAKER HUGHES
  • *OIL RIGS IN EAGLE FORD ROSE BY 2 TO 29: BAKER HUGHES
  • *OIL RIGS IN PERMIAN ROSE BY 8 TO 168: BAKER HUGHES

The 14 rig surge to 371 is the biggest weekly percentage rise since Nov 2009...

 

And crude hit fresh 3mo lows...