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Thursday, March 28, 2024

Crude Tumbles Near $46 Handle As US Oil Rig Count Rises For 2nd Week

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

After last week’s surge in total rig count, this week saw a modest 2 rig drop to 874 total rigs. However, oil rigs rose once again – up 5 to 664 rigs. This is the highest since May 8th. The last 5 weeks have seen a 36 rig rise – the biggest such rise since April 2014. WTI Crude prices are reacting negatively to this news.

  • *U.S. OIL RIG COUNT UP 5 TO 664, BAKER HUGHES SAYS
  • *U.S. TOTAL RIG COUNT DOWN 2 TO 874 , BAKER HUGHES SAYS
  • *OIL RIGS IN PERMIAN BASIN RISE BY THREE TO 247: BAKER HUGHES
  • *OIL RIGS IN WILLISTON RISE BY ONE TO 71: BAKER HUGHES

And crude is reacting negatively…

and some context on the week…

Charts: Bloomberg

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