There is the Strait of Hormuz and then there is domestic production. In the current week, the Baker Hughes rig count fell -3 at 545.
Looking at the pieces:
Oil rigs aree unchanged at 411Natural Gas is down -3 at 127.Total rigs -3 at 545.
Crude oil is is trading up $0.57 at $98.45. However for the week, the price is down $-13.78 or -12.31%
This article was written by Greg Michalowski at investinglive.com.