Baker Hughes Oil Rigs January 4, 2018

Latest Baker Hughes Report                     

The Baker Hughes rig count reported U.S. oil rig count decreased by 8 to 877.       US crude oil production remains at a high 11.6 million barrels per day and no real change in rig count.  Oil prices have rebounded $5 from their lows around $42 because of reports that OPEC output cuts are the largest since 2017. If prices continue to rise and reach sustained $60 levels rig count may increase.

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