Baker Hughes Data Show Sharp Rise In U.S. Oil-rig Count

By Myra P. Saefong Markets MarketWatch Pulse

Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil jumped higher by 29 to 551 rigs this week. The oil rig count had edged lower last week, but rose in each of the 10 previous weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 35 to 694, according to Baker Hughes. February West Texas Intermediate crude was up $1.02, or 2%, at $52.39 a barrel on the New York Mercantile Exchange from Thursday's settlement. It traded below the $52.59 it traded at before the rig data.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.