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US Oil Rig Count Growth:
The number of active rigs drilling for oil in the US increased by 11 rigs last week, bringing the total number of rigs drilling for oil up to 808 rigs.
The market is obviously ignoring this negative sentiment and it appears to be focused on other positive parameters, and Middle East tensions which raising concerns that drive oil prices up. However, soon enough once US dethrones Russia as the top oil producer -which is expected to happen in a few months, the attention will shift towards the negative impact of US rig count and crude oil production.
The continuous increase in US rig count is translated into production growth, and it is a matter of time before its impact is felt on the price of oil.
