Oil Prices are Falling Again as Rig Count Continues to Rise

oil rigZeroHedge: Having risen for 6 of the last 7 weeks, the US oil rig count extended its run with a 14 rig surge this week – the biggest absolute rise since Dec 2015. Oil rigs have now risen 55 rigs in the last 8 weeks – the biggest percentage rise since Dec 2009. WTI is tumbling to fresh 3-month lows on the news…

  • *OIL RIGS IN D-J/NIOBRARA ROSE BY 2 TO 18: BAKER HUGHES
  • *OIL RIGS IN EAGLE FORD ROSE BY 2 TO 29: BAKER HUGHES
  • *OIL RIGS IN PERMIAN ROSE BY 8 TO 168: BAKER HUGHES

The 14 rig surge to 371 is the biggest weekly percentage rise since Nov 2009…

And crude hit fresh three-month lows on the news.

The United States Oil Fund LP ETF (NYSE:USO) fell $0.10 (-0.95%) in Friday afternoon trading to $10.39 per share. USO has fallen about 5.3% year-to-date.

USO-2016-07-22

This article brought to you courtesy of ZeroHedge.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

Powered by WPeMatico