Oil Rig Count Rises by 7 to 452; Crude Holds Above $81

The Baker Hughes weekly rig count showed US oil rigs increasing by 7 to 452, while gas rigs held steady at 126, bringing the total rig count to 588. Year-over-year, oil rigs are up from 422 and gas rigs have risen from 117, reflecting a steady recovery in US drilling activity amid elevated crude prices. WTI crude oil is trading at $81.30, up $2.36 on the day, with intraday highs reaching $81.54. The rising rig count suggests producers are responding to sustained higher prices by expanding output, which could eventually temper supply-driven price gains. For forex markets, the data supports continued strength in commodity-linked currencies, particularly CAD, as higher oil prices boost Canada's trade balance. USD/CAD traders should watch for a potential move lower if crude sustains gains above $81. Near-term resistance in crude sits at the session high of $81.54, with support established around the $77.90 level seen earlier in the week.