WTI Crude Daily Update for December 12, 2016

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Updated: Dec 12, 2016, 09:10 UTC

WTI crude oil prices moved higher on Friday despite a robust build in the number of active oil rigs reported by Baker Hughes. Prices held support near

Technical Analysis of Crude Oil for December 12, 2016 – Inventory Report Monday

WTI crude oil prices moved higher on Friday despite a robust build in the number of active oil rigs reported by Baker Hughes. Prices held support near the 10-day moving average at 49.92, and are poised to test resistance near the December highs at 52.45. Momentum remains positive as the MACD (moving average convergence divergence) index prints in the black with an upward sloping trajectory which points to higher prices.

According to Oil Service Giant Baker Hughes, the US oil rig count jumped this week by 21 to 498, the biggest increase since July 2015. Six gas rigs were added, taking their total to 125. With miscellaneous rigs unchanged at one, the combined tally increased by 27 to 624 rigs.

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David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.