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.
Recent Posts
Categories
Related Articles
Australian economy – household income has collapsed back to 2009 levels
This is via Roger Wilkins, an economist at The University of Melbourne.A...
ICYMI – SEC Chair Gensler to Depart Agency on January 20
The US Securities and Exchange Commission announced on Thursday that its Chair,...
Deutsche Bank: EUR/USD could fall below parity, potentially reaching 0.95 or even lower.
A note from Deutsche Bank analysts see them warning that a full-force...
Australia preliminary manufacturing PMI November 49.4 (October was 47.3)
Australia Judo Bank / S&P Global data. Mixed bag, up for manufacturing...
Leave a comment