Oil prices fell Friday, with the U.S. benchmark marking its lowest settlement in seven weeks. A report from Baker Hughes on Friday revealed that the number of active U.S. rigs drilling for oil climbed by 26–the largest weekly rise in more than a year. The uptick in drilling activity fed concerns about growing U.S. production. March West Texas Intermediate crude fell $1.95, or 3.2%, to settle at $59.20 a barrel on the New York Mercantile Exchange. Steep losses in the global stock market this week also contributed to oil’s losses.
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