The US Oil rig count continues to track lagged oil prices perfectly, falling 8 rigs in the last week to 354 - its lowest since Nov 2009. Oil rigs have now declined 15 of the last 16 weeks. While gas rigs rose by 1 this week, the total rig count slipped 7 to 443 - yet another fresh record low. While the reaction was delayed, crude prices are sliding from their exuberant rally highs.



Oil Rigs dropped to Nov 2009 lows...

As the total US rig count plunged to fresh record lows...





And oil prices are sliding after the data...



