Baker Hughes oil rig count 497 versus 502 last week. Crude oil is trading little changed

<ul><li>Oil rigs 497 vs 502 last week</li><li>Gas rigs 118 vs 116 last week</li><li>Total rigs -4 at 619 last week</li></ul><p>Crude oil is trading up $0.30 or 0.43% at $82.58. Its high price today reached $83.28. The low price reached $81.50. </p><p>The swing area between $82.35 and $83.32 (see red number circles and yellow area on the chart below) is the key swing area for crude oil going into the close and into the new trading week. </p><p>Move above that area and traders will look toward $84.85. </p><p>Move below and traders will look toward the 50% of the move up from the May low at $79.30. The rising 100-hour moving average is also near that level at $78.83.</p><p>Just last week the price was up at $95 with traders and analysts talking about how $100 (and above) was likely to be reached. That was not to be. </p><p>PS this week the price of crude oil is down close to 9% which is the largest decline since March 2023</p>

This article was written by Greg Michalowski at www.forexlive.com.