Baker Hughes Reports U.S. Oil Rig Count Down By 5

Oil prices continued to trade higher after data from Baker Hughes showed that the number of active U.S. oil-drilling rigs fell by 5 to 510 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 13 at 637. Compared to last year, the total U.S. rig count has fallen by 996, with oil rigs down by 807. March crude was at $31.70 a barrel on the New York Mercantile Exchange, up $2.17, or 7.3%. It was at $31.57 before the data.

Copyright © 2016 MarketWatch, Inc.