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Oil rig count down by 26 this week. It seems a rather large fall compared with the previous 4 weeks.

I'm not sure what it suggests other than perhaps the US shale industry is far more fragile than I thought. Perhaps their hedges at far higher prices are running out and long run economics are kicking in?

Crude on a bit of a run.

yes despite yesterday's negative news...........

Saudi Arabia Cuts Oil Prices Amid OPEC Price War

Saudi Arabia on Sunday made deep reductions to the prices it charges for its oil, hard on the heels of cuts last month by rival producers in the Gulf.

With U.S. production still increasing despite lower oil prices, members of the Organization of the Petroleum Exporting Countries are battling to keep their share of the last growing markets in Asia.

In a list of official prices sent to customers, state-oil company Saudi Aramco cut the price of its light-crude deliveries to Asia by $1.7 a barrel. As a result, it switched to a discount of $1.6 a barrel against the rival Dubai benchmark from a premium of 10 cents a barrel previously. The company also cut its prices for heavy oil by $2 a barrel to the Far East and by 30 cents a barrel to the U.S.

The move come as Iran, Iraq and other countries in the Middie East made deeper cuts in their official prices than Saudi Arabia last month.

Saudi Arabia has vowed to keep pumping at high levels as it hopes lower oil prices will stimulate Asian demand and hit rival production in the U.S. that is expensive to produce. But while Chinese economic growth is slowing, U.S. production rose by about 68,000 barrels a day in July, according to the U.S. Energy Information Administration.

Old article Mentor? US production is now falling

CC

old article?

no, yesterday's alright

Saudi Arabia cuts oil prices amid OPEC price war
By Benoit Faucon
Published: Oct 4, 2015 10:29 a.m. ET
http://www.marketwatch.com/story/saudi-arabia-cuts-oil-prices-amid-opec-price-war-2015-10-04-10485293

Spike this afternoon

US benchmark West Texas Intermediate for delivery in November jumped US$2.27 to US$48.53 a barrel on the New York Mercantile Exchange, its highest level since late August. Brent North Sea crude for delivery in November closed at US$51.92 a barrel in London on a gain of US$2.67.

Oil Prices Tumble as OPEC Production Grows

NEW YORK--Oil prices dropped Monday after the Organization of the Petroleum Exporting Countries reported that its output rose to a more-than-three-year high last month.

OPEC said in a monthly report released Monday that it produced 31.57 million barrels a day in September, up about 109,000 barrels a day from August and above the group's target of 30 million barrels a day. The group's output was the highest reported level since April 2012.

Prices plunged in late 2014 after a boom in U.S. oil drilling pushed the global crude market into oversupply. Since then, U.S. production has started to fall as companies have cut spending on new drilling. But OPEC and other countries have ramped up their production in an effort to maintain market share, keeping prices under pressure.

"There's plenty of cargoes" of crude oil being sold, said Ric Navy, senior vice president for energy futures at brokerage R.J. O'Brien & Associates LLC. "The bottom line is that there's still a lot of [crude] available."

Light, sweet crude for November delivery settled down $2.53, or 5.1%, at $47.10 a barrel on the New York Mercantile Exchange. The contract posted the biggest one-day percentage decline since Sept. 1.

Brent, the global benchmark, fell $2.79, or 5.3%, to $49.86 a barrel on ICE Futures Europe.

OPEC also said it expects U.S. production to fall on an annual basis next year for the first time in eight years, increasing demand for OPEC crude to 30.8 million barrels a day.

Climate qualms mean oil will never be used up - BP

The bots seem to have got hold of this again. Selling selling selling until such time it spikes up again

Spiking up this afternoon by over $2

Oil spiking UP again after being marked down earlier this morning

WTI

Oil rises after Saudi Arabia reiterates willing to work with non-OPEC

Oil up on Saudi vow for stable prices; glut, firm dollar weigh

CRUDE OIL TECHNICAL ANALYSIS – WTI oil price is on a third day of rebound from a recent support level at 40.07. A support-turn-resistance tops the upside at 42.58. Price action is focusing on higher moves as momentum builds up. The bulls could consider taking trades if price breaks above current resistance level, with target at the last top at 48.33.

Some retracement and moving higher again

Intraday Oil price futures - WTI light sweet ------------------------------------------------------ BRENT crude ---------------------

Oil at lowest in almost seven years on OPEC inaction, strong dollar

Oil tumbles towards 11-year lows on worsening glut

Crude has risen by a dollar in the last hour or so.

And there was I thinking oil was about to break up!

Gold above $1100.