Oil rigs are up for the 9th consecutive week
The weekly Baker Hughes rig counts have been released with:
- Oil rigs 289 vs. 287 last week
- Gas rigs 88 vs. 85 last week
- Total rigs 378 vs. 373 last week
The price of WTI crude oil futures was trading at $52.38 just before the release. The price is currently at $52.30.
Although oil rig counts are up for the 9th consecutive week, it still is well below the 2020 highs which were up near 683.
