While a desperate Saudi Arabia jawbones how well OPEC production cuts are going, the road ahead looks like a surge in US Shale supply is coming. Following a brief dip in the previous week, US oil rig counts soared 29 to 551 last week – the biggest weekly rise sicne April 2013 – to the highest since Nov 2015.
*U.S. OIL RIG COUNT UP 29 TO 551 , BAKER HUGHES SAYS :BHI US
Which signals to OPEC that more production is coming…
And WTI prcied are leaking lower…
via http://ift.tt/2iTtKfy Tyler Durden