Baker Hughes total rig count 884 vs 874 prior

Baker Hughes rig count data 8 August 2015

• Oil rig count 670 vs 664 prior
• Rotary gas rigs 213 vs 209 prior
• Total July rig count 1118 vs 1146 in June
• -224 y/y

It's looking like there's a very strong reason to call a bottom in the rig count numbers and that's bearish for oil as production increases

WTI just traded down to the day's lows at 43.92 on the release. Support is next at 43.50

WTI daily chart

Baker Hughes oil rig count