untitled design

WTI Crude Oil Drops From Session Highs Toward $ 40.00 Following Baker Hughes Data

  • WTI futures are down from session highs near $ 41 after the Baker Hughes report was released.
  • US oil rights increase for the fifth week in a row.
  • Crude prices are stable around $ 40.

WTI prices They are falling from session highs at $ 40.90 after Baker Hughes reported the fifth consecutive rise in oil rigs. The US oil benchmark price had recovered from session lows at $ 40.04 to erase previous losses.

US oil rigs record their biggest jump since January

US drillers added 12 new oil rigs in the week of Oct. 16, bringing the total oil rig count to 205, for the largest increase since January, according to the latest Baker Hughes report.

Oil and gas rigs have risen for the fifth week in a row in the US, which, according to analysts quoted by Reuters, shows that the price of oil, which has held steady around $ 40 for the past few months, is encouraging drillers to return to the well pad.

From a technical standpoint, WTI futures remain capped below $ 41 (session highs), with the next resistance levels at $ 41.45 (Sept. 18, Oct. 9 highs) ahead of August highs at $ 43.70. On the downside, the 100-day SMA at 40.00 could offer support, and below here 39.15 (Oct 12 low) and the 200-day SMA at the 38.00 area.

Credits: Forex Street

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular