Oil stays lower after US oil rig count data

Oil futures barely reacted, although they continued to trade negatively, following the release of last week’s US oil rig count. Baker Hughes reported US oil rig count rose again in the week ended July 29, up by 8 to 381.

WTI was last trading at $41.46 a barrel, down 0.59% on the day. Prices had been edging lower, as the dollar strengthened on the back of the nonfarm payrolls data, with WTI correcting after a 2-day rally. However, WTI is still on track to post the first weekly gain in three.