Big developments in oil over the weekend. The Brent rebound continued:
It began Friday night as the US shale oil rig count fell for the first time in 27 weeks down two to 756. The latest Dallas Fed shale survey shows rising doubts:
Business activity increased in the second quarter, albeit at a slightly slower pace, according to oil and gas executives responding to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of conditions facing Eleventh District energy firms—remained robust at 37.3, slightly below the 41.8 reading last quarter. Despite some deceleration, most other indexes also reflected expansion on a quarterly basis. Responses among oilfield services firms were particularly strong.
