At the end of the fourth week of June, the Baker Hughes rig count data forthe USA displayed an increase in total rigs by 2 units, ending the currentslide which lasted 29 consecutive weeks. Oil prices increased off the $40/bbl floor in mid-April and have been holding around $55/bbl since thattime. From our analysis earlier in the year, MBR noted that rig countchanges tend to lag the initial shift in energy prices by about 10-12 weeks.In this current downturn, rig counts again followed the historical patternwith a similar length of time from the April oil price stabilization to the rigresponse.
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