Baker Hughes Oil rigs 479 down -1 on the week ...Middle East

The weekly Baker Hughes rig cuts for the week are showing:Oil rigs 479 down -1Gas rigs 102 up +1Total rigs unchanged at 585.The price of crude oil is traing up $0.69 at $69.95 on the day. Looking at the hourly chart, the low today at $69.68 has extended back down test the 200 hour MA at $69.64. A move below that level is a tilt more to the downside. Staying above would be more of a positive tilt technically. This article was written by Greg Michalowski at www.forexlive.com.

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