Oil Holds Gains As Baker Hughes Reports Weekly U.S. Oil-rig Count Up By 7

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures held onto their gains Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil climbed by 7 to 425 rigs this week. They have now posted increases in 13 out of the last 14 weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 11 to 522, Baker Hughes said. Nov. crude was at $48.09 a barrel on the New York Mercantile Exchange, up 26 cents, or 0.5%, from Thursday's settlement. It was trading around that same level before the rig data.

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