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US Oil Rig Count Drops Most Since May 2016 To 5-Month Lows

The number of US oil rigs contonues to track the lagged price of WTI (lower). For the 4th week in the last 5 (and 10th of last 12), oil rigs declined (down 8 to 729).

This is the biggest absolute rig count drop since May 2016 to the lowest total rig count since May 2017.