The weekly Baker Hughes rig count shows:
- Crude oil rigs -3 at 452
- Natural Gas rigs -1 at 127
- Total rigs -5 at 588
For the year:
- Oil was 412
- Natural Gas was at 122
- Total rigs was at 539.
Crude oil is trading at $87. That’s up $0.17 on the day. For the trading week, the price is up $4.60.
Looking at the daily chart, the high-priced today reached $87.51. That is just below the 100 day moving average at $88.05. The high for the week reached $87.69 yesterday. Moving and staying above the 100 day MA would be more bullish technically.
This article was written by Greg Michalowski at investinglive.com.