There is the Strait of Hormuz and then there is domestic production. In the current week, the Baker Hughes rig count fell -3 at 545.

Looking at the pieces:

• Oil rigs aree unchanged at 411
• Natural Gas is down -3 at 127.
• Total rigs -3 at 545.

Crude oil is is trading up $0.57 at $98.45. However for the week, the price is down $-13.78 or -12.31%

Looking at the hourly chart, the swing area and falling 100 and 200 hour MAs are providing upside resistance between 101.14 to 103.57. Stay below keeps the sellers in play/control in the short term.

This article was written by Greg Michalowski at investinglive.com.