| Oil prices surged 8 percent on Friday as the market digested news another 94 rigs previously drilling for oil in the United States had been idled over the previous week. It was the largest number of rigs de-activated in a single week since at least 1987 and triggered the biggest one-day percentage increase in Brent prices since 2009.
Yet there was nothing remotely surprising about either the continued fall in the rig count - or the volatile market reaction...............................................Full Article: Source
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