Oil Pares Gains After Baker Hughes Reports Third-straight Weekly Rise In U.S. Rig Counts

By Markets MarketWatch Pulse

Oil futures pared their gains after Baker Hughes showed that the weekly number of active U.S. rigs drilling for crude rose for a third week in a row, by 9 to 337 as of Friday. The total U.S. rig count climbed by 10 to 424. July crude was at $47.52 a barrel on the New York Mercantile Exchange, up $1.31, or 2.8%, from Thursday's settlement. It was trading at $47.57 before the data.

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