Oil Prices Unmoved By Oil Rig Count Decline Of Just 1
The total rig count dropped by just 3 last week - the smallest decline since December - to 885, tracking perfectly with the 4-month lagged oil price we have been showing for 4 months.
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Oil rigs dropped just 1 on the week to just 659 - the lowest since August 2010. Oil prices are unch.
- *U.S. OIL RIG COUNT FALL 1 TO 659 ,BAKER HUGHES SAYS
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Charts: Bloomberg
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Start courting the oil rigs again when the interest rate increase kick in...