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Oil+Rally+Ends+as+Number+of+U.S.+Drilling+Rigs+Rises
Saturday, 19 March 2016 - 13:00
Oil Rally Ends as Number of U.S. Drilling Rigs Rises
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Rally in the oil market came to a halt yesterday after new data showed US oil producers increased the number of rigs drilling for oil, by one, raising worries that the hoped-for decline in output may not come to pass.

Since their depths last month, oil prices have rallied more than 50% in the expectation that the lower prices would curtail production, even as supply-and-demand fundamentals remained weak.

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