Published June 17, 2016 1:14pm EDT | Updated June 17, 2016 2:04pm EDT

Oil Pares Gains After Baker Hughes Reports Third-straight Weekly Rise In U.S. Rig Counts

Oil futures pared their gains after Baker Hughes showed that the weekly number of active U.S. rigs drilling for crude rose for a third week in a row, by 9 to 337 as of Friday. The total U.S. rig count climbed by 10 to 424. July crude was at $47.52 a barrel on the New York Mercantile Exchange, up $1.31, or 2.8%, from Thursday's settlement. It was trading at $47.57 before the data.