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Oil will likely continue to become cheaper - Baker Hudge US oil rig count: 351

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US energy drilling data

Oil rig count 351 vs 341 prior

Gas rigs 88 vs 89 prior

Total rigs 440 vs 431

It's the second week in a row of substantial gains in drilling projects.

The news of a larger number of drilling platforms will further weigh on oil prices after the break of the triple bottom yesterday, 23.6% Fibo level and pullback for retest of the resistance.

After a break of the upward channel, it's forming new downward trend for black gold.

Head of Trading - Dimitar Kalapov

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