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Oil Bulls Need to Track the Oil Rig Count

Oil Bulls Need to Track the Oil Rig Count

Last week, the oil rig count fell by one to 887—the second-highest level since March 6, 2015. The rig count tends to follow US crude oil prices with a three to six-month lag. In February 2016, US crude oil prices fell to the lowest closing level in 12 years. Between February 11, 2016, and December 3, 2018, US crude oil active futures rose 102%.