Baker Hughes oil rigs 183 vs. 172 last week

August 21, 2020 by admin 0 Comments

Total rig counts up to 254 from 244 last week

In a surprise, the Baker Hughes rig counts moved higher this week.

Total rigs moved to 254 from 244 last week. This is the 1st increase in 24 weeks.
Oil rigs rose by 11 to 183 from 172 last week. This is the largest weekly gain since January
Gas rigs fell by 1 on the week to 69 from 70 last week

The oil rigs reached a record low last week at 172. The move up to 183 is the highest since July 3 when rigs came in at 185.

Crude oil is trading at $41.65 for the October contract. That is little change to the pre-release level.

This article was originally published by Forexlive.com. Read the original article here.