The weekly Baker Hughes rig count data is showing:
- Oil rigs -2 to 499
- Gas rigs -1 to 117
- Total rigs -2 to 619..
The price of WTI crude oil is trading up $0.50 or 0.69% at $72.52. That is well-off the high price of $75.25. The low price today has reached $72.36.
The move to the upside was helped by geopolitical risks from the Middle East. The US and UK conducted airstrikes against Houthi rebel targets in Yemen. The military actions were a response to the Houthi rebels' attacks on ships in the Red Sea since November. As per expectations, the Houthi deputy foreign minister warned that the US and UK will "pay a heavy price" for what they describe as "blatant aggression." Both Iran's foreign ministry and the Iran-backed Lebanese armed group Hezbollah have condemned the airstrikes. The Houthis have said they will continue targeting Israel-linked ships in the Red Sea. President Biden hinted at the possibility of additional measures to protect international commerce and US interests.
The market has taken out that gains over the last few hours of trading . The ups and downs continue despite the risks
