US crude production surged at the fastest pace in months last week, seemingly beginning to engage on the lagged up-turn in the US oil rig count.
For the 21st week of the last 23, US oil rig count rose (+2 to 452) to 9-month highs.
Crude is unimpressed as Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, notes oil's two main market drivers are “Trumpenomics--dollar bullish and the fears that there will be no deal or the deal that comes is going to be so meaningless."
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