Baker Hughes Data Show U.S. Oil-rig Count Has Climbed Above 700

By Myra P. SaefongMarketsMarketWatch Pulse

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 6 to 703 rigs this week. That marks a sixteenth weekly climb in a row. The oil-rig count is also down 56% from the Oct. 10, 2014 peak, according to Citi Futures. The total active U.S. rig count, which includes oil and natural-gas rigs, rose 7 to 877, according to Baker Hughes. June West Texas Intermediate crude was up 61 cents, or 1.3%, at $46.13 a barrel on the New York Mercantile Exchange for the session. It traded at $46.02 before the data.

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