Baker Hughes oil rig count 738 versus 729 last week

Oil count erases the decline from last week

The weekly Baker Hughes rig count is showing a rebound in the current week:

• Total rig count rose 9 to 907 from 898 last week
• Oil rig count increased by 9 to 738 from 729. Largest increase since June and erased the 8 decline from last week.
• Gas rigs remained unchanged at 169.

The price of crude oil is trading lower on the day at $56.74. The price was trading at $56.84 just before the report. The low for the day reached $56.55. The high for the day reached $57.35 earlier in the NY session.