Oil Prices Extend Losses As Baker Hughes Reports 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 rose by 7 to 763 rigs this week. That followed a 2-rig fall reported a week earlier, which was the first such decrease in 24 weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, also climbed by 12 to 952, according to Baker Hughes. Oil prices extended their losses following the data, with August West Texas Intermediate crude down $1.45, or 3.2%, at $44.07 a barrel on the New York Mercantile Exchange for the session. It was trading at $44.40 before the data.

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