Oil Prices Continue Higher As Baker Hughes Reports a Tenth Weekly Fall In U.S. Oil Rig Count

By Myra P. SaefongMarketWatch Pulse

Oil prices held onto their gains after data Friday from Baker Hughes showed that the number of active U.S. oil-drilling rigs fell for a tenth week in a row. It was down by 13 to 400 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 12 at 502. Compared to last year, the total U.S. rig count has fallen by 765, with oil rigs down by 586. April crude was at $33.42 a barrel on the New York Mercantile Exchange, up 35 cents, or 1.1%. It was trading at $33.47 before the data.

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