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Crude Surges After US Oil Rig Count Collapses To May 2002 Lows

For the 6th week in a row, Baker Hughes reports a decline in US oil rig counts. With a huge 29 rig drop - the largest in over 5 months - the total oil rig count is 809, the lowest since May 2002. The reaction is a stick-save buying panic surging crude into the green on the day.

Lowets rig cont since May 2002...

 

and the reaction..

Charts: Bloomberg