The rig activity is positively correlated with oil prices.
The History of Oil Price
- During 2011-2014, Brent Oil Price is higher than WTI Oil Price which is not as usual. This is because the lack of Libyan crude has pushed up the premium buyers are willing to pay for grades such as Brent and WTI began to sell at a discount to Brent due to a strong increase in midcontinental production after 2010.
Source by: eia