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Oil price trying to bottom on limited supply

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Oil is trying to find a bottom. At the same time, political commentary and market sentiment are moving in the same direction, increasing the chances of a rebound.

Last week, the price began to find support as it approached $80 per barrel of WTI. Increased demand for risk assets did not prevent another attempt to push oil lower. But interestingly, the number of working oil rigs in the US has also collapsed. Baker Hughes reported a drop to 496 , the lowest since January 2022. This calls into question the upward trend of the previous three weeks, which saw consecutive increases to 501, 502 and 504.

 

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