Crude oil prices have been on a roller-coaster ride to absolutely nowhere in recent weeks.
The crude oil rig count rose by one, slowing bullish oil momentum that had been building on hopes of a OPEC/non-OPEC production freeze and the mystery of some missing barrels. The International Energy Agency lost about 800,00 barrels of oil last week and that suggests that perhaps demand is stronger than they think or production is falling faster than they think.
The market generally seems to be confused as there are big moves one way one day followed by equally big moves in the opposite direction the next day.

While  crude oil traders and stock markets fretted about the Fed inaction today, traders are now starting to worry about a drop in U.S. oil production.

The focus on the U.S. rig counts is intense as ever. Traders who never really cared about rig counts are now focusing on them more closely.
Despite the talk by many that the historic drop in oil rig counts really did not matter because the existing wells would still continue to produce and production in the United States would not be impacted, at least one energy company says that is not the case.
Oil advanced for a fourth day--the longest run of gains since August. Gasoline rose, thanks to a strike.