The Baker Hughes rig count for the current week is showing:
The price of crude oil is down $1.28 on the week or -1.63%.
Looking at the daily chart, the price of crude oil remains below the 200-day MA (green line) at $78.66. The high price today reached $78.60 just below that level. Getting above the 200-day moving average would give the buyers some added confidence. Staying below the level keeps the sellers in play and more in control.
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