Crude oil trades at $51.34 before release
- Total rig count at 597 vs 593 last week
- Oil rig count at 477 versus 474 last week
- Gas rig count at 119 vs 118 last week
The high for the last 12 months came in at 541 back in December 2015. The low reached 216 back in May 27, 2016. So there has been a steady move back to the upside. If the price of oil continues to rise on the back of a OPEC cut in production, expect the US rig count to continue to move higher. It is about economics and at a higher price, more rigs can come online profitably.
As for the current week, and it's impact on the price of crude oil, it remains at $51.34 - the same price as the pre-release level.
