By Tyler Durden at ZeroHedge
The total US rig count declined yet again this week, down 9 to 406 – a new record low. The last four times rig counts collapsed anything like this, the US economy was in recession.
Oil rigs dropped 10 to a new cycle low at 318, but appear near a turning point if lagged oil prices remain any indication…
Or is US production about to fall off a cliff?