Baker Hughes oil rig count comes in at 342 versus 343 last week

Modest change in the weekly Baker Hughes rig count data

The Baker Hughes rig count data for the current week is showing:

  • Oil rigs 342 versus 343 last week
  • Gas rigs 96 versus 94 last week
  • Total rigs 440 versus 438 last week.
The price of WTI crude oil futures is currently trading down $1.48 or -2.26% $63.55. The high price reached $64.95. The low price is at $63.08.
Looking at the hourly chart, the low price today stalled just ahead of the 50% retracement of the range for the week at $63.04. On the move down, the price did also move below its 100 hour moving average currently at $63.36, but could not sustain the downside momentum.
Going forward, the moving average and 50% retracement remains a key downside support target. If the price can move below each, the bears would increase their control.
Crude oil
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