Oil Falls Further With U.S. Oil-rig Count Up For First Time In 11 Weeks

By Myra P. SaefongMarketWatch Pulse

Oil futures fell further after data from Baker Hughes showed that the number of active U.S. oil-drilling rigs rose by 2 to 574 as of Friday. That was the first weekly increase in 11 weeks. The total active U.S. rig count, which includes natural-gas rigs, was down 4 at 767. Compared to last year, the total rig count has fallen by 1,161, with the oil rig count down 1,004. December crude was at $40.48 a barrel on the New York Mercantile Exchange, down $1.27, or 3%. It was trading at $40.67 before the data.

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