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Timothy Smith

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Timothy Smith

Re: jbog post# 12329

Friday, 03/18/2016 7:09:35 PM

Friday, March 18, 2016 7:09:35 PM

Post# of 29422
Crude oil prices tilt lower, erasing earlier gains that had WTI hitting a new 2016 high of $41.20/bbl, after Baker Hughes' latest data showed a tiny rise in rig counts.

U.S. oil rigs rose by one to 387, snapping a 12-week streak of declines, while gas rigs fell by five to 89, bringing the total count of oil and gas rigs lower by four to a record-low 476.

The oil rig remains down 76% from its October 2014 peak and down more than 53% from this week last year.

WTI crude, which already was pulling back from its highs before the rig count news, now -0.9% at $39.84/bbl.

Purely My Own Opinion. Do Your Own Due Diligence.

“Formula for success: rise early, work hard, strike oil.” - J. Paul Getty

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