Oil Futures Up Slightly After Another Rise In U.S. Rig Count

By MarketWatch Markets MarketWatch Pulse

Oil futures were up slightly Friday after data showed the number of U.S. oil rigs rose again this week. The U.S. oil rig count rose by 10 to 662 this week, oilfield services firm Baker Hughes reported Friday. The oil-rig count has risen every week this year but one. West Texas Intermediate crude for May delivery on the New York Mercantile Exchange was up 8 cents, or 0.2%, at $50.43 a barrel, little changed from its level ahead of the data. Oil is on track for a 5% weekly climb but is down nearly 7% for the month, weighed by concerns over rising U.S. output and uncertainty over the durability of an agreement by other major producers to curb production.

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