http://www.wsj.com/articles/oil-prices-rise-as-russias-action-in-syria-weighs-1443779250
Oil Surges as Rig Count Falls
Rig count falls sharply in latest week
By Timothy Puko
Updated Oct. 2, 2015 3:11 p.m. ET
Crude prices surged back to a one-week high Friday after the number of working U.S. oil rigs fell to a five-year low.
The move gives momentum back to traders who have bet that a historic collapse in oil prices is forcing the U.S. shale-oil boom to slow down. U.S. producers made their largest cutbacks in five months and have only 614 oil rigs working, the fewest since August 2010, according to oil-field-services provider Baker Hughes Inc.
Light, sweet crude for November delivery settled up 80 cents, or 1.8%, at $45.54 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, settled up 44 cents, or 0.9%, at $48.13 a barrel on ICE Futures Europe.
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The economy is not exactly robust so that is not helping matters. Go Trump/Cruz
this likely was the results that opec was hoping for- make oil prices cheap- cause US drilling ot dry up because they can’t afford to keep drilling because prices are so ‘low’, then raise prices once the oil rigs are all disassembled-
I don’t know much about the workings of opec etc- but this seems the likely scenario-
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