Baker Hughes rig count data for oil traders

  • A drop of 43 rigs
  • Last week the rig count was down 48
  • The average over the past six weeks is -70.9

It might be slightly bearish for crude because drillers aren't quitting as quickly as they were. The knee-jerk was a 40-cent drop in WTI.

Update:

Oil now continuing lower to fresh lows of the day.

The drop in oil has boosted USD/CAD to a session high at 1.2522.