The rig count is a mirage only wiping away the smaller players...

The rig count is a mirage only wiping away the smaller players however the large players will remain due to the hedging and resilience to current prices, US oil inventory figures don't lie, producing at all time highs, remember the US have been waiting a long time to join the exporters which was finally lifted last year, they will simply not just go away but look to take market share

I am of the opinion if OPEC and NON OPEC cannot come up with the latest deal based on the murmuring and rumours, it's goodbye oil sub 30

I am hoping for the deal comes good to go long on Brent and make a large profit, I am just waiting

Otherwise it will be a long Wait to balance supply and demand

Dated tuesday 26th

http://www.cnbc.com/2016/01/25/us-crude-drops-back-below-30-as-iraq-adds-record-output.html


Crude oil futures pared gains in late trading Tuesday, after American Petroleum Institute data showed crude oil inventory had a larger-than usual weekly build, The Wall Street Journal reported.

US oil inventories increased by 11.4 million barrels in the latest week, an unnamed source told the Journal. U.S. government data on the weekly inventories is due Wednesday at 10:30 a.m. ET.

"This is a mega build As a result of refinery maintenance season. There can only be more weeks like this ahead. Inventories will only getlarger from here," said John Kilduff, partner with Again Capital. "We're going to see more fireworks."

Brent crude was up 59 cents, or 1.87 percent, at $31.07 a barrel after the report. U.S. crude was last trading up 57 cents at $30.51, after it settled up $1.11, or 3.66 percent, at $31.45 per barrel.

Oil prices rose as much as 6 percent earlier Tuesday, sending both Brent and U.S. crude briefly above $32 a barrel, on hopes OPEC and non-OPEC producers were inching closer to a deal to reduce output in the face of one of the biggest supply gluts in decades.

The Organization of the Petroleum Exporting Countries has renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has resisted so far.

But the oil minister of Iraq said on Tuesday OPEC kingpin Saudi Arabia and top non-OPEC producer Russia are showing signs of flexibility about agreeing to tackle an oil glut that has pushed prices to 12-year lows.