Oil has had a huge bounce off the recent $40 low. The news has been inventory draw and we has the US rig count drop by 1. Thats right it dropped 1 rig to 763. Seem like a short squeeze and nothing else. US just added 2 rigs to the count for a count of 765. Plus OPEC's output unexpectedly rose 1%. I believe that the US oil industry will continue to increase as long as oil stays near $45 or above. It is my opinion oil is going to get crushed again before any subtancial rise above $45 to $50.
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Oil price has been fluctuated around the 47.00 Level since this morning without being able to breach it so far.If you don't mind, have a look at my daily oil analysis
https://steemit.com/oil/@ohamdache/mid-day-oil-update-20-07-2017
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Betting on oil in the modern day seems like a bad bet. We'll probably use it for a long time in plastics and such, but the amount we use will likely only continue to drop. Kind of like cable television really.
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