Baker Hughes Reports First Weekly Rise In U.S. Oil-rig Count This Year

Oil prices traded solidly under $40 a barrel after data Friday from Baker Hughes showed that the weekly number of active U.S. oil rigs edged higher for the first time this year. The domestic oil-rig count rose by 1 rig to 387 as of Friday. Meanwhile, the total U.S. rig count fell 4 to 476, which is a record low. April crude was at $39.77 a barrel on the New York Mercantile Exchange, down 43 cents, or 1.1%. It was trading at around $39.99 before the data.

Copyright © 2016 MarketWatch, Inc.