Oil Futures Pare Gains After Data Show 7th Straight Weekly Rise In The U.S. Oil-rig Count

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures pared their gains Friday after data from Baker Hughes showed that the number of active U.S. rigs drilling for oil rose for a seventh straight week. The U.S. oil-rig count climbed by 15 to 396 as of Friday. The active U.S. oil-rig count also increased by 17 to 481. September crude was at $44.10 a barrel on the New York Mercantile Exchange, up 61 cents, or 1.4%, from Thursday's settlement. It traded at $44.34 before the data.

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