The Rising Influence of Rising Affluence

[Timothy Smith]

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.