Baker Hughes rig count to be released at the top of the hour

Oil rigs expected to dip

The Baker Hughes rig count for the week of August 16 will be released at the top of the hour. Below are the expectations:

• Oil rigs 762 versus 764 last week
• Gas rigs 169 versus 169 last week
• Total rigs 931 versus 934 last week

Oil rigs have been on a steady decline since peaking in November at 888. The stand at the lowest level since January 2018.

The current price of WTI crude oil futures is at $54.65. That is up $0.18 or +0.29% on the day.