Crude oil prices continue to feel the heat from a rise in U.S. rig counts and seasonal weakness, but is finding some support near the yearly lows. Oil sank after Baker Hughes said the U.S. oil rig increased by 6 to 670.
If there’s anything that was news worthy in oil this week it was quickly lost in the quick quotes of Donald Trump's debate. Here’s the thing, the GOP debate likened to crude oil: nobody cares as long as America wins. So many have been trying so hard to call the “oil glut” a crisis when it’s just the opposite.
Crude oil prices are modestly higher for the second day in a row after a mildly bullish API oil inventory report release late yesterday. The gains in oil are primarily driven by short covering after a significant decline in prices that began in mid-June.
Catch a falling knife, put it in your pocket and save it for a rainy day. One day after commodities started the month of August getting crushed, today it seems that at least someone is willing to catch a falling knife.