There was a big jump in US oil drilling rigs today as US shale drillers respond to higher prices. That kind of move will give OPEC pause in regards to adding more oil.
Gas rigs were up 2 to 118.
There was a huge inventory of drilled but uncompleted wells in the US that has been drawn down in the past two years. Just to keep production flat, many US oil companies need to drill aggressively this year.
Update: That's the largest one-week increase in four years.