Oil Gains More Ground After Data Show Fall In Oil Drilling-rig Count

By Myra P. SaefongMarketWatch Pulse

Oil futures gained more ground Friday after data from Baker Hughes showed that the number of active U.S. oil-drilling rigs fell 10 to 595 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was at 787, down 8 rigs. Compared to last year, the total rig count has fallen by 1,131, with the oil rig count down 995. Nov. crude climbed to $47.24 a barrel on the New York Mercantile Exchange, up 86 cents, or 1.9%. It was trading at $47.10 just before the data.

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