Crude Tumbles Near $46 Handle As US Oil Rig Count Rises For 2nd Week

After last week's surge in total rig count, this week saw a modest 2 rig drop to 874 total rigs. However, oil rigs rose once again - up 5 to 664 rigs. This is the highest since May 8th. The last 5 weeks have seen a 36 rig rise - the biggest such rise since April 2014. WTI Crude prices are reacting negatively to this news.

• *U.S. OIL RIG COUNT UP 5 TO 664, BAKER HUGHES SAYS
• *U.S. TOTAL RIG COUNT DOWN 2 TO 874 , BAKER HUGHES SAYS
• *OIL RIGS IN PERMIAN BASIN RISE BY THREE TO 247: BAKER HUGHES
• *OIL RIGS IN WILLISTON RISE BY ONE TO 71: BAKER HUGHES

And crude is reacting negatively...

 

and some context on the week...

 

Charts: Bloomberg