Baker Hughes Oil rigs 479 down -1 on the week

The weekly Baker Hughes rig cuts for the week are showing:

• Oil rigs 479 down -1
• Gas rigs 102 up +1
• Total rigs unchanged at 585.

The price of crude oil is traing up $0.69 at $69.95 on the day.

Looking at the hourly chart, the low today at $69.68 has extended back down test the 200 hour MA at $69.64. A move below that level is a tilt more to the downside. Staying above would be more of a positive tilt technically.

This article was written by Greg Michalowski at www.forexlive.com.