WTI oil ticks up beyond $33 as US oil rigs decline for the 10th consecutive week

  • Crude oil prices regain the $33 level after the release of the Baker Hughes report.
  • US active oil rigs decline for the 10th consecutive week to the lower level on record.
  • WTI oil prices remain off highs amid geopolitical tensions and concerns about Chinese economic growth.


Crude oil prices have crawled higher, returning to prices right above $33 on Friday after Baker Hughes reported that the number of US active oil rigs declined for the 10th consecutive week.


US oil rigs fall to a record low

The number of active rigs drilling for oil in the United States declined by 21 in the week of May 22 to a record low of 318, amid the global collapse on oil demand caused by the coronavirus lockdown. These figures confirm the tenth consecutive decline on the oil rig count and the third week in a row posting record lows.

Front-month WTI futures contracts have picked up following the release of the report extending the rebound from session lows at $30.70 to levels right above $33.

The West Texas Intermediate, however, remains well below the $34.65 peak hit on Thursday, The escalating tensions between Washington and Beijing and market concerns about Chinese economic growth have soured market sentiment sending oil prices lower.


Key levels to watch


Today last price 33.19
Today Daily Change -0.82
Today Daily Change % -2.41
Today daily open 34.01
Daily SMA20 24.91
Daily SMA50 25.3
Daily SMA100 39.05
Daily SMA200 47.85
Previous Daily High 34.74
Previous Daily Low 33.38
Previous Weekly High 29.84
Previous Weekly Low 24.64
Previous Monthly High 32.21
Previous Monthly Low 8.46
Daily Fibonacci 38.2% 34.22
Daily Fibonacci 61.8% 33.9
Daily Pivot Point S1 33.34
Daily Pivot Point S2 32.68
Daily Pivot Point S3 31.98
Daily Pivot Point R1 34.71
Daily Pivot Point R2 35.41
Daily Pivot Point R3 36.07




Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News