Baker Hughes Reports Another Drop In U.S. Rig Count

Baker Hughes on Friday reported that the number of U.S. rigs actively drilling for oil and natural gas as of Feb. 20 fell by 48 rigs to 1,310. The rig count is down 461 from the same time last year. The number of oil rigs fell 37 to 1,019 in the latest week. Oil futures lost a little more ground immediately following the data. March oil was last at $50.59, down 57 cents, or 1.1%. It was trading around $50.90 before the data.