Prices and demand remain on the rise for now, but rates are rising and risks with them.
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Chart of the Day
The number of oil rigs in operation tends to follow the price of oil, as the laws of supply and demand would have you expect. You can see that pattern on this chart. However, it does not follow them perfectly, especially when you look at different geographical areas. For example, the US horizontal rig count has been flat recently despite rising oil prices.
(Source: Calculated Risk)
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