Crude Tumbles After US Oil Rig Count Jumps Most Since 2009

Writer at ZeroHedge • Jul 22, 2016 at 1:38 PM EDT

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 most since Dec 2015. Oil rigs have now risen 55 rigs in the last 8 weeks.

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 most 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...

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

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