Oil Pops & Drops As Rig Count Decline Reaccelerates But Production Hits Record
zerohedge.com / by Tyler Durden on 06/12/2015 13:13
Even though production has hit new record highs (and Saudis threatening to increase further), the machines remain transfixed by rig counts and inventories. The total rig count dropped 9 to 859 – declining at a faster rate than the prior week. Oil prices initially popped on the rig count drop but then everyone remembered this is just a sign of how bad the malivestment is given the surging production.
- *U.S. OIL RIG COUNT FALLS 7 TO 635, BAKER HUGHES SAYS
- *U.S. TOTAL RIG COUNT FALLS 9 TO 859 , BAKER HUGHES SAYS
Another week of declines…
The post Oil Pops & Drops As Rig Count Decline Reaccelerates But Production Hits Record appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/06/12/oil-pops-drops-as-rig-count-decline-reaccelerates-but-production-hits-record/
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