Oil has had a huge bounce off the recent $40 low. The news has been inventory draw and we has the US rig count drop by 1. Thats right it dropped 1 rig to 763. Seem like a short squeeze and nothing else. US just added 2 rigs to the count for a count of 765. Plus OPEC's output unexpectedly rose 1%. I believe that the US oil industry will continue to increase as long as oil stays near $45 or above. It is my opinion oil is going to get crushed again before any subtancial rise above $45 to $50.
