Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 8 to 720 rigs this week. The latest data marked an 18th weekly rise in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, jumped by 16 to 901, according to Baker Hughes. Oil prices pared some of their gains in the wake of the data. June West Texas Intermediate crude was up 88 cents, or 1.8%, to $50.23 a barrel on the New York Mercantile Exchange for the session. It traded at $50.33 before the data.
Copyright © 2017 MarketWatch, Inc.