Global Rig Count Suggests An Oil Price Rally Is Near

By Peter Tertzakian Like us humans, it seems that oil markets have two ears. Going in one ear, is the squeal of the resurgent U.S. oil industry. In the other ear, it’s loud chatter about whether or not OPEC and friends are complying with production cuts. In between the ears, in the minds of the traders, the price of a barrel of oil reacts to every sound, most recently tumbling on the back of a noisy EIA report. Occasional bullish shout outs of unrelenting consumption growth, scary geopolitics and declining production may be heard. Others growl like bears that…

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