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.