Baker Hughes Reports Third Straight Weekly Fall In Active U.S. Oil Rig Count

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices held onto modest gains after data from Baker Hughes showed that the number of active U.S. oil-drilling rigs fell by 20 to 516 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 34 at 664. Compared to last year, the total rig count has fallen by 1,086, while the oil rig count is down 905. February crude was at $33.29 a barrel on the New York Mercantile Exchange, up 3 cents, or 0.1%. It was at $33.42 before the data.

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