Oil Prices Pare Loss As Weekly U.S. Oil-rig Count Falls

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures pared some of their losses after data from Baker Hughes showed that the number of active U.S. rigs drilling for crude fell by 3 to 351 as of Friday. Meanwhile, the total U.S. rig count fell 3 to 440. May crude futures were at $40.58 a barrel on the New York Mercantile Exchange, down 92 cents, or 2.2%. It was trading as low as $40.30 before the data.

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