Why Oil Rigs Are Making Oil Traders Panic

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In the week ended August 4, 2017, US oil rig count fell by one to 765. On a YoY (year-over-year) basis, the US oil rig count has more than doubled, but oil prices rose only 14.3% during this time period.

 Since June 20, 2014, US crude oil (OIIL) (UCO) (DBO) active futures declined 54.2%. Since then, the US oil rig count has fallen 50.5%. The fall in oil prices has led to a 1.9% decline in US crude oil production, down from its record high of 9.6 million barrels per day mark in June 2015.
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