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News

WTI oil ticks up beyond $33 as US oil rigs decline for the 10th consecutive week
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 | 22/05/2020 18:51
- 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
Popular News
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GBP/USD Price Analysis: Bounces off 10-day SMA post-Powell speech
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Wall Street Close: Major indices drop as retail darlings pop, short-seller agony continues
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EUR/USD consolidates biggest losses in two weeks around 1.2100 as focus shifts to US Q4 GDP
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NZD/USD drops back towards 0.7150 as risk appetite deteriorates post-Powell presser
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AUD/USD: Teases monthly low after Fed showdown, 0.7640 becomes the key
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New Zealand Imports increased to $5.33B in December from previous $4.95B
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New Zealand Trade Balance NZD (MoM) fell from previous $252M to $17M in December
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New Zealand Exports increased to $5.35B in December from previous $5.2B
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New Zealand Trade Balance NZD (YoY) declined to $2.94B in December from previous $3.26B
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Silver stabilises above $25.00 mark following the Fed
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Chile BCCH Interest Rate meets expectations (0.5%)
Chile BCCH Interest Rate meets expectations (0.5%) | 27/01/2021 21:08
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Forex Today: Dismal US data and central banks smashed the USD
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South Korea BOK Manufacturing BSI above forecasts (75) in February: Actual (84)
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USD/CAD Price Analysis: Bulls in charge as Fed event fails to knock USD
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Powell speech: Jury is out on whether there will be economic scarring
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Powell speech: Good evidence to support expectations for stronger economy in H2
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Powell speech: Not expecting inflationary dynamics to change in near term
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Powell speech: Premature to talk about tapering asset purchases
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Powell speech: Nothing more important to economy now than vaccinations
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Powell speech: Fed will not react to small, transient inflation increases
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Powell speech: Financial stability vulnerabilities are moderate
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Powell speech: Real unemployment rate is closer to 10%
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Powell speech: Economy long way from unemployment and inflation goals
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Powell speech: Path ahead remains highly uncertain
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AUD/USD pressured into Fed Powell's presser
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GBP/USD unmoved as FOMC presser gets underway
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Gold Price Analysis: XAU/USD sees muted reaction as Fed holds policy settings steady
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EUR/USD holds in tight range post Fed statement, awaits Powell's presser
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