US Rig Count Rise, Production Increase Could Mean Crude Oil Has Topped

[kreslik.news]

This guest article was written by James Hyerczyk, financial analyst at FX Empire.

After reaching its highest level since November 4 the previous day, July crude oil futures ended the week with a sharp sell-off, nearly forming a potentially bearish closing price reversal top in the process. The selling pressure was strong enough on Friday to confirm the closing price reversal on the daily chart.

U.S. oil prices dropped about 3 percent on Friday after a report from oilfield services firm Baker Hughes showed the U.S. rig count rose for the second straight week and as a strong ... (read more)