Crude Oil Rig Count

Latest Baker Hughes Report           

The Baker Hughes rig count reported U.S. oil rig count decreased by 4 to 873.     

This is the second week of rig count decreases despite the $10 crude price rally since the end of December. 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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