U.S. Oil-rig Count Rises For Eighth Week In a Row

Oil futures barely budged on Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil rose by 10 to 406 in the latest week. That was the eighth straight weekly climb, and the oil-rig count was the highest since February, according to a note from Citi Futures. The total active U.S. rig count, which includes oil and natural-gas rigs, also increased by 10 to 491, Baker Hughes said. September crude was at $48.20 a barrel on the New York Mercantile Exchange, down 2 cents from Thursday's settlement. It traded at $48.19 before the data.