Crude Slides After US Oil Rig Count Rises To 7-Month Highs

Amid oil’s worst week in 2 months (and a big bounce today on the back of Putin’s comments) following large inventory builds and disappointing demand factors (PMI, ISM, shipping), Baker Hughes reports the US Oil Rig count rose by 1 to 407 (following last week’s unchanged) – the highest in 7 months. This is the 10th straight week no decline in the rig count and crude is sliding on the print…
*U. S. TOTAL RIG COUNT 497 , BAKER HUGHES SAYS *U. S. OIL RIG COUNT 407 , BAKER HUGHES SAYS The 10th week without a decrease in oil rig counts…

This post was published at Zero Hedge on Sep 2, 2016.