West Texas Intermediate (WTI) crude oil fell to a seven-week low of $58.07 per barrel, before paring losses to close Friday’s NY session down 3.2% at $59.20.
WTI broke below $59 a barrel after Baker Hughes reported the U.S. oil rig count rose by 26 rigs to 791, the highest total since April 2015.
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The week’s losses accelerated on Wednesday after AEI data showed weekly U.S. production jumping to a record 10.25 million barrels a day. Meanwhile, the nation’s stockpiles of crude rose for a second straight week.
Our ALGO engine triggered a buy signal in both OSH and WPL on Friday’s close.
We expect the sharp down move in WTI to push both OSH and WPL back in the buy zone near last week’s lows of $7.20 and $31.05, respectively.
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