Baker Hughes reports a sizable decline in weekly U.S. oil-rig count

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 8 to 729 this week. The figure had climbed by just 1 rig last week after three-consecutive weeks of declines. The total active U.S. rig count, which includes oil and natural-gas rigs, also declined by 11 to 898, according to Baker Hughes. December West Texas Intermediate crude rose 46 cents, or 0.8%, from Thursday, to $55 a barrel. It traded at $54.96 shortly before the rig data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Leave a Reply