Rig Count Rises For 16th Straight Week; Leads US Crude Production Near Record Highs

Tyler Durden
By Tyler Durden of ZeroHedge
Writer at ZeroHedge •

The US oil rig count has now risen over 120% from its May 2016 lows, having dropped only 3 of the weeks since.

The US oil rig count has now risen over 120% from its May 2016 lows, having dropped only 3 of the weeks since...

This is the 16th straight week of oil rig count rises (up 6 to 703)...

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Sending US Crude Production to just 3% short of record highs...

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Notably, WTI fell back to $46 and RBOB $1.50 right before the rig count print...

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