The weekly Baker Hughes rig count data shows:
- Oil rigs +4 to 584
- Natural gas rigs +3 to to 154 him
- Total rigs +7 to 740.
The price of crude oil is getting hammered today.
After trading as high as $123.66 on Tuesday, the price has been making lower lows. Today the price for July delivery is down $-7.50 or -6.3% $110.09.
August is down $-7.22 or -6.26% at $108.03.