Recent Trends In The U.S. Oil Rig Count And Where It Could Be Headed

The oil rig count is down by roughly 31% since the beginning of this year and around 37% from its mid-October 2014 highs. The North American rig count has been a very closely watched figure in the oil markets over the last few months, as investors and traders try to gain a sense of direction for oil prices by examining supply side factors in the U.S. land drilling markets, which have been the primary cause of the oil glut. U.S. benchmark WTI crude is currently trading at levels of around $50 per...