For the 21st week of the last 22, US oil rig counts rose - spiking by 11 (most in 2 months) to 8 month highs at 443. In the past 21 weeks, rigs have risen by a combined total of +149 (+40%) since hitting a low of just 404 in late May. Apparently $45/50 oil is high enough for shale producers to come storming back in.
For now it is not affecting production...
Oil prices are modestly lower on the print.
