Baker Hughes Reports Lowest Total Weekly U.S. Rig Count On Record

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices held onto their gains after data Friday from Baker Hughes showed that the number of total active U.S. oil rigs dropped to the lowest weekly level. The total U.S. rig count fell 9 to 480 as of Friday. The previous record low was at 488 rigs on April 23, 1999, according to Baker Hughes. The number of active U.S. oil-drilling rigs fell for a 12th week in a row, down by 6 to 386. April crude was at $38.74 a barrel on the New York Mercantile Exchange, up 90 cents, or 2.4%. It was trading at $38.60 before the data.

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