U.S. rig count, including oil and natural gas rigs, totaled 563, up 14 from the week ended October 14, although it represented a 234-drop from a year earlier. Meanwhile, rig count for oil was up 11 to 443 rigs, marking the seventeenth straight week without a reduction.
Canadian and international rig counts, however, fell 22 and 3, respectively week-over-week to 143 and 934.
Oil did not react much immediately after the data and was seen close to the previous session's closing price of $50.63 a barrel for the December contract. At last check, a barrel of WTI oil was fetching $50.70.
The fact that the price bearish data did not trigger a selloff, despite the run up in oil prices this week is commendable.
Meanwhile, the reactions in oil ETFs were also muted:
- The United States Oil Fund LP (ETF) USO was little changed at $11.43.
- United States Brent Oil Fund LP BNO was up 0.60 percent at $15.03.
- VelocityShares 3X Long Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return UWTI was rising 0.33 percent at $27.30.
- VelocityShares 3X Inverse Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return DWTI was down 0.28 percent at $57.50.
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