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Crude Slides After US Oil Rig Count Rises To 7-Month Highs
09-02-2016, 01:22 PM,
#1
Crude Slides After US Oil Rig Count Rises To 7-Month Highs
Crude Slides After US Oil Rig Count Rises To 7-Month Highs

<p>Amid <strong>oil's worst week in 2 months</strong> (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<strong> US Oil Rig count rose by 1 to 407</strong> (following last week's unchanged) - the highest in 7 months. This is the<strong> 10th straight week no decline</strong> in the rig count and crude is sliding on the print...</p>
<ul>
<li><strong>*U.S. TOTAL RIG COUNT 497 , BAKER HUGHES SAYS</strong></li>
<li><strong>*U.S. OIL RIG COUNT 407 , BAKER HUGHES SAYS</strong></li>
</ul>
<p>The 10th week without a decrease in oil rig counts...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/01/20160902_rig2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/01/20160902_rig2_0.jpg" style="width: 600px; height: 301px;" /></a></p>
<p>&nbsp;</p>
<p>And the reaction in crude is much more notable than in recent weeks...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/01/20160902_rig1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/01/20160902_rig1_0.jpg" style="width: 600px; height: 355px;" /></a></p>
<p>&nbsp;</p>
<p><em>Charts: Bloomberg</em></p>


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