Baker Hughes Oil Rig Count Jumps 7 to 452 as Crude Tops $81
U.S. oil rigs rose 7 to 452 this week while crude surged past $81, eyeing the key $82.01 resistance level.
The Baker Hughes weekly rig count just came in and oil rigs climbed 7 to 452. Gas rigs held flat at 126, pushing total rigs up 7 to 588. More drills in the ground means producers are feeling confident enough to put capital to work — and that's your first read on supply momentum.
Zoom out a year and the picture gets clearer. Oil rigs are running 30 ahead of the 422 count from this time last year, while gas rigs are up 9 from 117. The industry isn't pulling back — it's quietly expanding capacity while headlines obsess over demand fears.
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Meanwhile, crude is doing the heavy lifting price-wise. WTI pushed $2.36 higher on the day to $81.30, slicing through the week's earlier high at $81.25 like it wasn't even there. The session hit a low of $77.93, so bulls absorbed a serious shakeout and came back swinging. That kind of intraday reversal carries weight.
The next level traders are watching sits at $82.01. That's your line in the sand. A clean break above it opens the door for a fresh leg higher. Fail there, and you've got a double-top setup forming on the daily chart. Either way, the rig count uptick tells you the physical market is tight enough that producers aren't waiting around.
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