U.S. Oil-rig Count Falls After Rising Over The Last Two Weeks

By Myra P. SaefongMarketWatch Pulse

U.S. oil-rig count falls after rising over the last two weeks The total number of active U.S. rigs drilling for oil fell as of July 17, according to data from Baker Hughes released Friday. The number of active oil drilling rigs saw a weekly decline of 7 to 638. The total active rig count, which also includes natural-gas rigs, was at 857, down 6. Compared to last year, the total rig count has fallen by 1,014, with the oil rig count down 916. August crude was down 33 cents, or 0.7%, at $50.58 a barrel on the New York Mercantile Exchange. It was trading at $50.73 before the data.

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