Baker Hughes oil rig count 497 versus 502 last week. Crude oil is trading little changed

• Oil rigs 497 vs 502 last week
• Gas rigs 118 vs 116 last week
• Total rigs -4 at 619 last week

Crude oil is trading up $0.30 or 0.43% at $82.58. Its high price today reached $83.28. The low price reached $81.50.

The swing area between $82.35 and $83.32 (see red number circles and yellow area on the chart below) is the key swing area for crude oil going into the close and into the new trading week.

Move above that area and traders will look toward $84.85.

Move below and traders will look toward the 50% of the move up from the May low at $79.30. The rising 100-hour moving average is also near that level at $78.83.

Just last week the price was up at $95 with traders and analysts talking about how $100 (and above) was likely to be reached. That was not to be.

PS this week the price of crude oil is down close to 9% which is the largest decline since March 2023