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

Courtesy of ZeroHedge. View original post here.

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.


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