The decline in oil rigs sent crude oil prices higher on Friday. The front-month contract for WTI crude oil gained +5.81% while the Brent crude contract jumped +8.61% during the week. Baker Hughes reported that the number of oil rigs plunged -94 units to 1 223, the lowest level since January 2012, in the week ended January 30.
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Weekly Fundamentals – Slump in Oil Rig Counts Lifted Crude Prices
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