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US Crude Production At Cycle Highs As Rig Count Stabilizes; Desperate Saudis Jawbone Deeper Cuts To Come

A tough week for crude oil, which tumbled after algos tagged $50 stops yesterday following the biggest gasoline inventory build in 7 months. While the US oil rig count has stopped rising in the last few weeks, production continues to hit cycle highs stalling prices, but the Saudis are not giving up on their incessant jawboning – hinting that “deeper cuts” are still on the table.

US oil rig counts rose by 3 to 768 last week – it has fallen 3 times in the last 7 weeks and is practically unchanged in the last 2 months…

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