US oil rigs operating for the week ending Dec 12:
- Prior was 1920
- Lowest since Aug 8
![Baker huges lowest since Aug 8](http://az705044.vo.msecnd.net/20141212/Baker-huges-lowest-since-Aug-8.png)
Baker Hughes lowest since Aug 8
The lower rig count could be seasonal or maintenance, but it’s also a sign of lower supply and that’s a tiny slice of good news for crude. There was a little bounce in crude after the data but this news isn’t going to turn around the oil market.