Oil Holds Near $96.35 as Baker Hughes Rig Count Rises, USD/CAD in Focus

Crude oil is trading near unchanged at $96.35 as the latest Baker Hughes rig count data shows a mixed picture for U.S. energy production. The total rig count rose by 5 to 758 for the current week, with oil rigs increasing by 10 to 425 while natural gas rigs declined by 3 to 125. Despite the uptick in drilling activity, crude remains under significant technical pressure, trading well below both the 100-hour and 200-hour moving averages near $100.74, maintaining a bearish bias. The roughly $4.40 gap between the current price and these key moving averages underscores persistent downside momentum. For forex traders, subdued oil prices tend to weigh on commodity-linked currencies such as the Canadian dollar, potentially supporting USD/CAD upside. Traders should monitor whether crude can reclaim the $100.74 confluence resistance zone, as a sustained break above could shift sentiment and provide CAD support. Near-term, the bearish technical structure suggests continued range-bound to lower price action in oil markets.