US shale producers are killing any hopes of a recovery in the offshore oil drilling business (RIG) -

The rise in oil prices from their lows in early 2016 to near $50 now should have caused a boom in drilling activity. But that's not what's happened.

"While rig counts dropped from 1,499 to 536 in 2015, they did not recover alongside the price of oil in 2016," said Ihor Dusaniwsky of Wall Street analytics firm, S3 Partners, "dropping even further to 525 until finally rebounding slightly and hitting 609 in March."

Last week, incidentally, Baker Hughes' US oil rig count rose for the eighth straight...

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