Crude Crashes To Cycle Lows After Oil Rig Count Surges

(Before It's News)

WTI crude has collapsed to cycle lows after the US oil rig count surged by 17, the largest jump in 5 months. The total rig count was unchanged as the surge in oil rigs was perfectly countered by the collapse in natural gas rigs.

• *U.S. GAS RIG COUNT DOWN 17 TO 168 , BAKER HUGHES SAYS
• *U.S. OIL RIG COUNT UP 17 TO 541 , BAKER HUGHES SAYS

The oil rig count continues to track the lagged oil price…

And that has sent Jan WTI (expires Monday) to fresh cycle lows…

Charts: Bloomberg

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