Oil Bounce Extends After US Oil Rig Count Continues To Plunge
A modest production cut this morning may - or may not - be 'correlated' with the fact that once again the oil rig count declined 9 to 555 rigs, tracking oil's slide. This is the 12th weekly drop in the last 13 weeks to the lowest since June 2010.
Rig count is tracking the lagged crude price...
When does production slow?
Charts: Bloomberg
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