# WTI retreats from daily highs on rising US oil rig count, tests $58 — Octa

> 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.

- Date: 2017-12-01 · published 2017-12-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/67646-wti-retreats-from-daily-highs-on-rising-us-oil-rig-count-tests-58-octa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/517420/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.