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WTI oil ticks down from session highs at $40.90 after Baker Hughes data

2020-10-17 08:09    FXYEAH
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  • WTI futures pull back from session highs near $41 after the release of the Baker Hughes report.
  • US oil rights increase for the fifth consecutive week.
  • Crude prices remain steady at around $40.

 

Front-month WTI futures ae ticking down from session highs $40.90 after Baker Hughes reported the fifth consecutive increase in oil rigs. The US benchmark oil price had bounced up from session lows at $40.04 to erase previous losses.

US oil rigs post their biggest jump since January

US drillers have added 12 new oil rigs in the week of October 16, increasing the total oil rig count to 205, to register the largest increment since January, according to the latest report by Baker Hughes.

Oil and gas rigs have increased for the fifth consecutive week in the US, which according to analysts cited by Reuters, shows that the price of oil, steady around $40 for the last months, is encouraging drillers to return to the wellpad.

From a technical point of view, WTI futures remain capped below $41 area (session highs), with next resistance levels at $41.45 (September 18, October 9  highs) ahead of August highs at $43.70. On the downside, the 100-day SMA at 40.00 might offer support, and below here, 39.15 (October 12 low) and the 200-day SMA at 38.00 area.

Technical levels to watch

Crude Oil

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