Oil has been a bumpy ride in the closing session this week in the US.
We are now down form the highs of $39.99 WTi and stabilizing at $38.50 after the Baker Hughes US oil rig count 386 vs 392 prior announced in the last hour.
The data came as the commodity sector has started to make a come back. Oil has been recovering from this years lows of $26.03bbl on 11th Feb. The rising channel’s high was made today but was short lived with total rigs down to 480 from 489 and the lowest in 41 years.
(Market News Provided by FXstreet)