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US oil rig count rises, snapping 29 weeks of declines

Jul. 02, 2015 2:12 PM ETUCO, USO, OIL-OLD, DBO, TWTI, USL, DTO, OLO-OLD, SCO, DNO, BNO, UWTI, DWTI, SZOXF, OILBy: Carl Surran, SA News Editor30 Comments
  • The U.S. oil rig count rose by 12 to 640 in the past week, according to the latest survey from Baker Hughes, breaking 29 consecutive weeks of decline.
  • While it is the first increase since last December, there are still ~60% fewer rigs working since a peak of 1,609 in October 2014.
  • The pace of declines has slowed considerably recently and the new increase reinforces the view that some producers may have cut costs and increased efficiency enough to feel they can start expanding operations and turn profits.
  • U.S. gas rigs fell by nine to 219 this week, with the overall count up three units during the week to 862.
  • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM

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