As soon as once more, it's Friday and the tip of the buying and selling week is close to. One of many key performers over the previous 5 periods h
As soon as once more, it’s Friday and the tip of the buying and selling week is close to. One of many key performers over the previous 5 periods has been December WTI crude oil. Costs are on the rise, despite fall seasonality. OPEC manufacturing cuts and a shock draw on provides has prompted a bullish bump north of $55.00. Now, at present’s Baker-Hughes North American Rig Rely has given power merchants much more meals for thought.
A little bit over an hour in the past, the Baker-Hughes Rig Rely hit the newswires. The quantity got here as a shock to many, dropping by 17 oil drill rigs from final Friday. Baker-Hughes reported a complete of 696 operational North American oil rigs, down from 713 final week. Though it’s typical for manufacturing to drop off going within the winter months, at present’s lower in oil-specific rigs is among the largest in current reminiscence.
The information definitely hasn’t harm WTI crude oil, which is holding agency above $56.00.
December WTI Hangs On Following Baker-Hughes
It has been a good session for WTI crude oil futures. The motion has been comparatively tame, and at press time (2:15 PM EST), costs are hovering close to flat. To realize perspective on at present’s motion, try month-to-month December WTI crude oil chart beneath.
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Overview: Maybe essentially the most hanging statement from the WTI month-to-month chart is that we proceed to commerce…