Total rig counts up to 254 from 244 last week
In a surprise, the Baker Hughes rig counts moved higher this week.
- Total rigs moved to 254 from 244 last week. This is the 1st increase in 24 weeks.
- Oil rigs rose by 11 to 183 from 172 last week. This is the largest weekly gain since January
- Gas rigs fell by 1 on the week to 69 from 70 last week
The oil rigs reached a record low last week at 172. The move up to 183 is the highest since July 3 when rigs came in at 185.
Crude oil is trading at $41.65 for the October contract. That is little change to the pre-release level.
This article was originally published by Forexlive.com. Read the original article here.