Weekly Baker Hughes data shows a slight increase in active rigs, while crude trades lower amid technical resistance levels.
The U.S. rig count climbed by one to 580 this week, according to the latest Baker Hughes report. Oil rigs held steady at 445, while gas rigs increased by one to 126. The data reflects modest drilling activity shifts ahead of potential production changes.
Crude oil prices fell 1.21% to $71.20, with the day’s low at $70.77 and high at $73.16. The 100-hour moving average at $71.70 acts as resistance, while the 200-hour average at $70.32 could signal further downside if breached. The technical bias remains neutral for now.
The rig count is a key leading indicator for energy markets, influencing expectations for future output and capital spending. Traders monitor the report for signals on supply trends, which can impact oil prices, natural gas, and energy equities.