Baker Hughes oil rig counts fall -15 to 555 in the current week | Forexlive

• Oil rigs -15 to 555
• Gas rigs unchanged at 137
• Total rigs -15 to 696

The levels of rigs have continued to trend lower. Looking back toward the beginning of the year, the rig count on January 13 showed:

• Oil rigs: 623. Down 68
• Gas rigs: 150. Down 13
• Total rigs: 775

The price of WTI crude oil is currently trading up $1.35 at $71.45. The price closed the year at $80.26. So despite the fall in rig count, the price is also lower by -10.9%. It is a supply-and-demand thing. The sluggish growth in China is contributing.