Oil Prices Unfazed By Another Weekly Rise In U.S. Oil-rig Count

By Myra P. Saefong Markets MarketWatch Pulse

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 6 to 747 rigs this week. That marked a 22nd weekly rise in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 6 to 933, according to Baker Hughes. Oil prices showed little reaction to the data, with July West Texas Intermediate crude up 19 cents, or 0.4%, at $44.65 a barrel on the New York Mercantile Exchange, unchanged from the levels it traded at before the data.

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