From the May lows at 316, US oil rigs have risen 10 of the last 11 weeks to 396, tracking lagged oil prices almost perfectly still. Oil prices had rallied all morning into the rig count data but the 15 rig rise – the biggest since Dec 2015 – sent prices lower…
This is the biggest 11-week rise (+25%) since January 2010…
Oil is backing off a little…
Charts: Bloomberg
via http://ift.tt/2bbEaHG Tyler Durden