Oil Drilling Rig Count Falls a Third Straight Week
Oil futures pared losses after data from Baker Hughes released Friday showed that the number of active U.S. oil-drilling rigs fell 8 to 644 as of Sept. 18. The total active U.S. rig count, which includes natural-gas rigs, was at 842, down 6 rigs. Compared to last year, the total rig count has fallen by 1,089, with the oil rig count down 957. Oct. crude was down $1.39, or 3%, to $45.51 a barrel on the New York Mercantile Exchange. It was trading at $45.45 just before the data.
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