RE:That's it for the downtrend?the shorts will use the drill rig data released at 1 pm today to make their case for higher USA produciton and lower oil prices but even 10 more oil rigs is not enough to stop the natural declines from shale wells which are very high in the first 2 years of produciton.
but investors read these negative headlines an trade off of them, but longer term the price of oil is going higher but maybe we will have to wait a few days before it resumes it's upward trend.
USD is hurting oil today but a high rig count in the plus 20-30 range will add more selling pressure.
whereas a rig count of +10 to - 10 should add some stability to the falling price of oil and maybe get it back over 50 before the close.
we shall see if we get a late day support or not.
but longer term there will be more support for rising oil prices including big increases in demand and falling produciton, but that's more for 2017 pricing not 2016.
I'm a buying of meg in the 6's, just a question of 6 what?
glta