Oil Futures Pare Gains After Data Show Rise In U.S. Drilling Rig Count

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures pared some of their gains Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil edged up by 1 to 407 rigs in the latest week. The total active U.S. rig count, which includes oil and natural-gas rigs, rose by 8 to 497, Baker Hughes said. October crude was at $44.35 a barrel on the New York Mercantile Exchange, up $1.19, or 2.8%, from Thursday's settlement. It traded around $44.46 before the rig data.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.