Oil prices are swinging between gains and losses as the investors await the latest oil rig count in the US due later today. At the time of writing, the WTI oil Jan futures were up 17 cents at USD 41.85/barrel. Brent Jan futures were up 41 cents at USD 44.60/barrel. Prices were up in Asia, but fell in moderate losses before moving back into the positive territory in the US session.
The technical correction witnessed in Asia ran out of steam as ample global supplies of crude continued to pressure the market. The traders now look to the weekly US rig count figure released by the Baker Hughes Inc. Last week the rig count were reported higher for the first time in 11 weeks and that weighed heavily over prices this week.