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Are Oil Bulls Tracking US Crude Oil Rigs?

Gordon Kristopher
Are Oil Bulls Tracking US Crude Oil Rigs?

Baker Hughes, a GE Company (BHGE), released its US crude oil rig count report on May 11. Baker Hughes reported that US crude oil rigs increased by ten to 844 on May 4–11. US crude oil rigs were near the highest level since March 13, 2015. The rigs also have risen by 132 or ~18.5% from a year ago.