Oil Pops As Rig Count Decline Reaccelerates

(Before It's News)

Even though production has hit new record highs (and Saudis threatening to increase further), the machines remain transfixed by rig counts and inventories. The total rig count dropped 9 to 859 – declining at a faster rate than the prior week. Oil prices are jumping modestly on the news for now…

• *U.S. OIL RIG COUNT FALLS 7 TO 635, BAKER HUGHES SAYS
• *U.S. TOTAL RIG COUNT FALLS 9 TO 859 , BAKER HUGHES SAYS

Another week of declines…

But production just keeps rising…

And the result…

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