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 4 to 432 rigs this week. The oil-rig count has now posted gains in each of the last seven weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 15 to 539, Baker Hughes said. November crude was at $50.15 a barrel on the New York Mercantile Exchange, down 29 cents, or 0.6%, from Thursday’s settlement. It was trading around $50.10 before the rig data.
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