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.