We Have Raised Our Oil Target to $55 by July 4th

Global Economic and Market Analysis • Apr 24, 2016 at 4:12 AM EDT

Declining U.S. production, the massive drop in RIG counts, and robust demand growth for 2016 are all bullish fundamentals for the oil market heading into the seasonally strong part of the demand curve from a consumption standpoint.

Video length: 00:14:15

Rig Count Overview & Summary Count

Area	Last Count	Count	Change from Prior Count	Date of Prior Count	Change from Last Year	Date of Last Year's Count
U.S.	22 April 2016	431	-9	15 April 2016	-501	24 April 2015
Canada	22 April 2016	40	0	15 April 2016	-39	24 April 2015
International	March 2016	985	-33	February 2016	-266	March 2015

Source: Baker Hughes

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