Crude oil is traded down -$0.86 or -1.71% today at $51.69
The weekly Baker Hughes rig count data will be released at the top of the hour
Last week, the numbers declined for the 1st time in 3 weeks.
The numbers showed:
- Oil rigs 877
- Gas rigs 198
- Total rigs 1075
The price of crude was trading at $47.94 prior to the release last week. This week crude moved higher with help from Saudi comments that they were confident about the production cuts and hopes for a US/China solution to their trade problems. The current price for crude oil is at $51.69
The USDCAD has moved up today with some help from the lower oil prices. The price is above its 100 hour MA at 1.3247. That is the first time since Jan 3rd that the price was above the MA level.