The number of US oil rigs continues to track the lagged price of WTI (lower).
The number of US oil rigs contonues to track the lagged price of WTI (lower). For the 4th week in the last 5 (and 10th of last 12), oil rigs declined (down 8 to 729).
(Click on image to enlarge)
This is the biggest absolute rig count drop since May 2016 to the lowest total rig count since May 2017.
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