For the 10th week in a row (14th in last 15), the US oil rig count declined (down 13 to 400) to its lowest since Dec 2009. For now oil prices are undecided as while efficiency trumps the actual decline, the fact that the rig count is dropping so fast suggests production may come under pressure sooner rather than later.
- *U.S. OIL RIG COUNT DOWN 13 TO 400, BAKER HUGHES SAYS
As the rig count tracks lagged oil prices perfectly...
Oil is unsure how to react for now...