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Oil prices were unable to resist the strong appreciation of the US dollar in the wake of the US labour market data on Friday.
What is remarkable is that the renewed sharper decline in drilling activity in the US is not lending anybuoyancy to oil prices this morning.
Baker Hughes reported late on Friday that the US oil rig count decreased by 64 last week and at 922 was at its lowest level since April 2011.
Commerzbank notes in a report on Monday:
- After slowing for two weeks, the decline in the oil rig count has thus picked up speed again. Furthermore, it was the 13th weekly fall in a row. The oil rig count has dropped by 43% since October.
- Until recently, such news would have given oil prices a boost. Meanwhile, however, market participants are clearly beginning to realize that there is still substantial oversupply in view of the massively rising US crude oil stocks and that the decline in drilling activity is no guarantee of any corresponding fall in the oil supply.
