Despite the the pressure on oil price, US oil companies added another 4 rigs to work, adding the count to 664 last week.
This further depressed the oil price to US$46.77 per barrel. With the US$48 level broken, oil could trend towards, US$43 to US45 per barrel in the absence of positive news to left the price higher.
Link: http://www.wsj.com/articles/u-s-oil-rig-count-increases-to-664-1438365481
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