The US oil rig count continued to creep northward to 428 on Friday, up by three according to Baker Hughes, while WTI crude hit a landmark $50/b during the week amid encouraging signs that a slumbering industry has begun to awaken. And even though the Permian Basin in West Texas and New Mexico lost an oil rig last week, which set the count back to 203, the US' most active basin is still poised to hit a home run longer term, according to one investment bank.
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