US crude futures rebound from steep losses early, and finish the day just 0.5% lower at $69.16 a barrel.
A sell-off at the start of the NY trading session began to gather steam, and prices fell to as low as $67.35 intraday, less than $1 away from lows not seen since 2021. But the market then bounced back, in part due to a weekly Baker Hughes report that showed the US oil rig-count fell by a hefty six rigs in the latest week, marking the seventh decline in eight weeks.
That drop in drilling activity could eventually mean a drop in US crude production, which is why investors took it as a bullish sign for prices.
Source: Marketwatch
