Maybe rig count cuts matter after all? Market bottoms are usually formed after a price drop cuts into production and investment at a time when low price creates more demand. That looks like the current scenario in crude oil.
As dozens of countries from Europe to the Middle East to Africa jump on the bandwagon of joining the China-backed Asian Infrastructure Investment Bank (AIIB), Japan is opting to stay out for now, with officials believing it can sign up later if its conditions are met.
Denmark has applied to join the Beijing-led Asian Infrastructure Investment Bank, China's Ministry of Finance said on Sunday, becoming the latest European power to join the institution despite misgivings of the United States.