Oil Prices Unmoved By Oil Rig Count Decline Of Just 1

Writer at ZeroHedge • May 22, 2015 at 2:20 PM EDT

The total rig count dropped by just 3 last week - the smallest decline since December - to 885, tracking perfectly with the 4-month lagged oil price we have been showing for 4 months.

The total rig count dropped by just 3 last week - the smallest decline since December - to 885, tracking perfectly with the 4-month lagged oil price we have been showing for 4 months.

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Oil rigs dropped just 1 on the week to just 659 - the lowest since August 2010. Oil prices are unch.

*U.S. OIL RIG COUNT FALL 1 TO 659 ,BAKER HUGHES SAYS

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Charts: Bloomberg

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