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WTI Crude Breaks To $43 Handle After Another Rise In Oil Rig Count (To 3 Month Highs)

Having hovered around the $43/$44 level all morning, new from Baker Hughes that the oil rig count in the US rose 6 to 670 (its highest in over 3 months) has sent it back down to a $43 handle...

  • *U.S. OIL RIG COUNT UP 6 TO 670, BAKER HUGHES SAYS
  • *U.S. TOTAL RIG COUNT UP 10 TO 884 , BAKER HUGHES SAYS

The rig count has now risen for 5 of the last 6 weeks... with Texas, Louisiana, and Kansas seeing the biggest rises...

 

Pressing crude back below $44..

 

 

Charts: Bloomberg