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Baker Hughes Oil Rigs January 18, 2019

Crude Oil Rig Count

Latest Baker Hughes Report    

The Baker Hughes rig count reported U.S. oil rig count decreased by 21 to 852.    

This is the third week of rig count decreases despite the $11 crude price rally since the end of December. As we have mentioned before, producers may be cautious about drilling plans for 2019 due to the uncertainty of a permanent recovery in crude oil prices.  If prices continue to rise and reach sustained $60 levels rig count may increase.         

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