Oil Continues Decline After Data Show Weekly U.S. Oil-rig Count Up By 7

By Markets MarketWatch Pulse

Oil futures continued to decline Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil climbed by 7 to 414 rigs this week. The count has risen in 10 of the last 11 weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, rose by 11 to 508, Baker Hughes said. October crude was at $46.10 a barrel on the New York Mercantile Exchange, down $1.52, or 3.2%, from Thursday's settlement. It traded around $46.26 before the rig data.

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