Oil futures continued to decline Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil climbed by 3 to 428 rigs this week. They have now posted increases in each of the last six weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 2 to 524, Baker Hughes said. Nov. crude was at $49.74 a barrel on the New York Mercantile Exchange, down 68 cents, or 1.7%, from Thursday’s settlement. It was trading around $49.68 before the rig data.
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