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USO - The Market Outlook For Oil Services Companies Has Become Even Uglier
United States Oil Fund
The U.S. Oil Rig Count most recently peaked at 888 in this cycle for the week ending November 16, 2018. Since then, it has dropped to 770 in the week ending August 2nd.
Much has been made of the fact that the rig count is dropping in terms of U.S. crude production levelling off. However, there have been efficiency gains that have more than made up for the drop in the rig count.