Baker Hughes oil rig count rises for the 12 week in a row

Oil rigs up 10 to 672 from 662

Baker Hughes rig count for the current week shows another gain:

• Oil rigs 672 from 662 last week. Up 10
• Gas rigs 165 vs 160 last week. Up 5.
• Total rigs 839 vs 824 last week. Up 15 for the current week

The price of oil is up $0.47 to $52.17. That is a gain of +0.93%. The high reached $52.94. The low $51.49. Key support for oil is around the $51.00 level where the 100 day MA and the 50% of the move down from February high comes in.

The gains today are on the back of the geopolitical unrest from the US Syrian attacks. This week inventories was higher than expectations. Rigs are still rising are negatives but is not having a huge impact.