WTI consolidates above support
The Baker Hughes rig count data at the top of the hour will likely show the continued march higher in US oil production.
OPEC is also talking about raising quotas, although I'm skeptical they have much idle production given that they've failed to meet current quotas for months.
Technically, oil is at an important juncture. The uptrend for the past year is being challenged. It was touched earlier this week and today's low bounced precisely off the trend. The close today is also likely to be the lowest since April 10.
