For the first time since mid-December, the US oil rig count increased (by 1 to 387) tracking a lagged crude price perfectly. The total rig count dropped to a fresh record low (-4 to 476). The early weakness in WTI Crude is extending on this news…
First rise in 12 weeks…
But the total rig count tumbled to fresh record lows…
The reaction was extending the losses…
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