U.S. oil rig counts fell by 16 this week, the ninth consecutive week of declines.
A Reuters survey also indicates that OPEC production declined modestly in the month of October.
Crude oil prices are on pace to finish the week higher after two straight weeks of declines.
This week’s Baker Hughes U.S. oil rig count came in at its lowest level since June of 2010, falling by 16 to 578. WTI crude prices are up slightly following the release of the numbers.
Decline Gaining Momentum
The 16-rig weekly decline was the largest drop in four weeks and further indication that the trend in oil rig count remains downward for now.
The combined oil and gas rig count declined by ...
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