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Is the Oil Rig Count Signaling Another Fall in Oil Prices?

Is the Oil Rig Count Signaling Another Fall in Oil Prices?

On July 16, US crude oil August futures fell 4.2% and settled at $68.06 per barrel—their lowest closing level since June 21. In the week that ended on July 13, the oil rig count was unchanged from the previous week and stood at 863.