Baker Hughes oil rig count 800 vs. 799 last week

Total rig count  vs 978 last week

  • Oil rigs increased for the 6th straight week (but just barely)
  • Oil rigs 800 vs 799 last week
  • Gas rigs 181 vs 179 last week
  • Total rigs 981 vs 978 last week

The price of WTI crude is down a touch after the data. The price this week peaked on Monday and stepped lower. The price moved below the 100 and 200 hour MA and trades around the 50% of the move up from the February 9th low at $61.15. 
Stay below the MAs is more bearish for crude. 
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