Why Returning Oil Rigs Matters
Nine oil rigs returned to operation in the U.S. last week, the biggest gain since December and only the second addition this year, according to Baker Hughes Inc., raising concern that a production rebound may stifle crude’s recovery. Oil traded near the highest close in more than 10 months before U.S. government data forecast to show crude stockpiles dropped for a third week, trimming a glut. Futures were little changed in New York after advancing 2.2 percent on Monday, the biggest gain in three weeks. Hermes European Equities Portfolio Manager Tim Crockford discusses with Bloomberg's Francine Lacqua on "The Pulse."
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