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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