Total rigs down 4 for the current week
- total rigs 790 versus 794 last week
- oil rigs 675 versus 676 last week
- gas rigs 112 versus 115 last week
The price of WTI crude oil is trading down $0.73 or -1.4% at $51.41. The high price reached $53.36. The low today reached $51.05
The price of the contract is beginning to test the swing lows from June, August, and October. The low price in October reached $51.23. The low prices in June and August reached $50.60 and $50.52 respectively. The range between $50.52 and $51.23 is a key support area going forward.
The price today was given a boost intraday when Russia said they would not be opposed to an OPEC + meeting in February. That moved the price up from a low of $51.23 to a New York session high of $52.29. However, the price rotated back to the downside and traded to its new session low at $51.05.