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From the 316 rig trough in May, American oil drillers have added 161 to 477 – the highest since January 2016. The rising rig count continues to track lagged oil prices higher and US crude production is following that trend to its highest level since June.
US Oil Rig count is up 3 in the last week to 477 – up 25 of the last 27 weeks…
And with the OPEC deal holding oil prices, is US production set to rise no matter what?
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