WTI Oil remains bid at 8-month high, ignores Baker Hughes data Oil remains bid at 8-month high of $53.78 Baker Hughes data showed US drillers add oil rigs for the first week in four, but cut rigs for a third month in a row Oil has hardly moved following the release of the Baker Hughes weekly oil inventory report.
At the time of writing, the front month WTI contract is trading at $53.78; up 2 percent on the day. Prices hit a high of $53.92 earlier today.
Baker Hughes data released a few minutes ago showed the number of operational rigs in the US rose to 737 this week vs. 736 last week. The minor uptick has gone unnoticed as investors continue to cheer the increased odds of the global output cut deal extension beyond March 2018.
Saudi Arabia and Russia have declared support for extending a global deal to cut oil supplies for another nine months. It is also being reported that Chevron and Exxon both missing their production guidance for the third quarter also strengthened bid tone in o..
Independence declaration declared illegalThe big question is how hard will Madrid crack down, and how hard with Catalonia fight back.
My guess is that Rajoy is going to come hard and that Catalonia isn't ready to go to the barricades.
Hope our many friends in Barcelona have a safe weekend.