Amid the carnage in crude markets today, Baker Hughes just reported a 21 rig drop in oil rigs - the biggest absolute drop in 2 months. The total rig count dropped 28 to 709 - the lowest since 1999.
- *U.S. OIL RIG COUNT DOWN 21 TO 524, BAKER HUGHES SAYS
Oil barely budged...
Here's why... because production has barely budged...
Charts: Bloomberg