Oil Rig Count Falls by 7, WTI Crude Tests 100-Day MA at $64.91
WTI crude oil is trading down $0.61 at $65.42 following the Baker Hughes report showing oil rig count decreased by 7 to 415, while gas rigs increased by 5 to 122. The total rig count fell by 2 to 542. During the trading week, crude tested its 100-day moving average at $64.91, reaching a weekly low of $64.76 on Wednesday but failing to sustain momentum below this key technical level. For the week, oil is down $0.63 or 0.96% at current levels. The decline in oil rig count suggests reduced drilling activity, which could support prices in the medium term. However, the inability to break below the 100-day MA indicates solid support at these levels. Oil prices directly impact commodity currencies like CAD, NOK, and RUB, with lower oil prices typically weakening these currencies against majors.
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