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WTI pulled back from its daily high after Baker Hughes reported two more US oil rigs added in the week to December 1, bringing the total to 749. WTI traded near $58.15, still up 1.3% on the day.
Rising rig counts signal more US shale supply, which caps crude price gains. The move is routine trading tied to a weekly indicator rather than a new supply shock.
octaafrica.netDec 1, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
