USD/Oil: Baker Hughes rig count rises to 412, oil prices steady

The Baker Hughes oil rig count increased by 1 to reach 412 rigs, indicating a marginal expansion in US drilling activity. Oil prices remain relatively unchanged for the trading week, with WTI crude closing last week at $63.33 and maintaining similar levels currently. The modest increase in rig count suggests stable but cautious investment in oil exploration, reflecting balanced market conditions between supply concerns and demand expectations. For forex traders, steady oil prices typically support commodity-linked currencies like CAD and NOK while having neutral implications for the US dollar. The lack of significant movement in oil markets reduces volatility in oil-sensitive currency pairs. Technical levels for oil remain range-bound, with traders awaiting clearer directional signals. The stable oil environment suggests limited impact on forex markets in the near term, allowing traders to focus on other fundamental drivers for currency movements.