Latest Baker Hughes Report
The Baker Hughes rig count reported U.S. oil rig count decreased by 8 to 877. US crude oil production remains at a high 11.6 million barrels per day and no real change in rig count. Oil prices have rebounded $5 from their lows around $42 because of reports that OPEC output cuts are the largest since 2017. If prices continue to rise and reach sustained $60 levels rig count may increase.
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