Baker Hughes Reports An Eighth-straight Weekly Decline In U.S. Oil Rig Count

By Myra P. SaefongMarketWatch Pulse

Oil prices continued to climb after data Friday from Baker Hughes showed that the number of active U.S. oil-drilling rigs edged down for an eighth week in a row. They fell by 28 to 439 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 30 at 541. Compared to last year, the total U.S. rig count has fallen by 885, with oil rigs down by 673. March crude was at $29.49 a barrel on the New York Mercantile Exchange, up $3.28, or 12.5%. It was trading at $29.25 before the data.

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