For the 2nd week in a row - after declines every week this year - the US oil rig count increased (up 5 to 645).
For the 2nd week in a row - after declines every week this year - the US oil rig count increased (up 5 to 645). The total rig count rose 1 to 863 (for the 3rd week in a row). The initial reaction was a small snap below $52.50 but WTI is stabilizing now...
3rd week in a row of total rigs increased...
Charts: Bloomberg
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