While there is still plenty of potential new oil supply on the market, particularly from OPEC+, analysts remain very bullish and banks are beginning to talk about $100 oil
inventories fall notching up the second largest decline in history
The oil and gas rig count, an early indicator of future output, rose five to 402 in the week to Feb. 26, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total count, however, has soared since hitting a record low of 244 in August, according to Baker Hughes data going back to 1940. U.S. oil rigs rose four to 309 this week, their highest since May, while gas rigs rose one to 92.