Crude Futures Turn Higher As U.S. Oil Drilling-rig Count Drops

By Myra P. SaefongMarketWatch Pulse

Oil futures turned higher after data from Baker Hughes showed that the number of active U.S. oil-drilling rigs fell by 26 to 614 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was at 809, down 29 rigs. Compared to last year, the total rig count has fallen by 1,113, with the oil rig count down 977. Nov. crude was up 55 cents, or 1.2%, to $45.29 a barrel on the New York Mercantile Exchange. It was trading at $44.55 just before the data.

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