Rig counts fell for a record 19th week in a row. Total rigs dropped 34 to 954 and oil rigs dropped 26 to 374. This means the total rig count drop is now greater than 50% - the fastest drop since 1986.
Crude prices had slid into the rig count announcement and popped afterwards.
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This is a record 19th week of consecutive rig count declines...
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Leaving the total rig count decline now over 50% - the most since 1986...
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Charts: Bloomberg
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