Crude Oil Sees Modest Buying

20 Jun 2022 , 05:06 PM

WTI Crude oil saw modest buying after falling below $108 per barrel on Monday. Prices tanked amid mounting fears about a possible global economic recession following severe tightening of policies by several central banks. Gains could be limited though as US rig count rises and overall mood in equities stays mixed. The number of total active drilling rigs in the United States rose by 7 this week, according to new data from Baker Hughes published on Friday. The total rig count rose to 740 this week?270 rigs higher than the rig count this time in 2021, but insufficient to ease market fears in the current tight oil market. Oil rigs in the United States rose by 4 this week to 584. Gas rigs rose by 3 to 154. Miscellaneous rigs stayed the same at 2. Powered by Commodity Insights