Oil on its way back above $80

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Oil on its way back above $80
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Oil prices are off the low as a double bottom got formed on the back of the big drawdown beat from the oil figures past Wednesday. The WTI Crude Oil p

rice has seen a double bottom being formed at $77.53 with both Wednesday and Thursday price action bounce off of that level. This morning headlines out of Russia are pushing prices back up again as suddenly supply to the market is starting to slow down a touch.

The weekly Baker Hughes US Oil Rig Count for this week will come out at 17:00 GMT. The last print at 520 was another contraction and is at the lowest level since February 2022. Any further drops in rig counts could see an uptick in Crude prices as US production supply is seen further deteriorating. US officials have acknowledged that they and Iran have a secretive informal deal on oil flows between the two nations. The Oil price is ticking up with the Relative Strength Index moving away from the mid 50 level. The pickup comes after a floor was found near $77.57 from Wednesday onwards.

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