The Baker Hughes rig count for the current week is showing:
- Oil rigs +5 to 482
- Gas -2 to 101
- Total rigs, +3 to 589
The price of crude oil is down $1.28 on the week or -1.63%.
Looking at the daily chart, the price of crude oil remains below the 200-day MA (green line) at $78.66. The high price today reached $78.60 just below that level. Getting above the 200-day moving average would give the buyers some added confidence. Staying below the level keeps the sellers in play and more in control.
This article was written by Greg Michalowski at www.forexlive.com. Source