US Crude Production Rises As Rig Count Reaches 10-Month Highs
For the 24th week of the last 26, oil rigs rose (by 2) to 474, the highest since January 2016. US crude production rose again last week tracking the lagged trend of rising rig counts in the US.
Notably US crude production looks set to rise given the rig count moves (and if OPEC agrees a deal and spooks prices higher, that production may well arrive sooner).
This post was published at Zero Hedge on Nov 23, 2016.