Baker Hughes Reports Seventh Straight Weekly Decline In U.S. Oil Rig Count

By Myra P. SaefongMarketWatch Pulse

Oil prices seesawed between losses and gains after data from Baker Hughes showed that the number of active U.S. oil-drilling rigs edged down for a seventh week in a row. They fell by 31 to 467 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 48 at 571. Compared to last year, the total U.S. rig count has fallen by 885, with oil rigs down by 673. March crude was at $31.73 a barrel on the New York Mercantile Exchange, up a penny. It was trading lower at $31.42 before the data.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below