Weekly Oil-rig Count Edges Higher, But Total Rig Count Falls: Baker Hughes
Oil futures added to gains after data from Baker Hughes released Friday showed that the number of active oil-drilling rigs edged higher, but the total number of active rigs fell. The number of oil rigs rose 1 to 675 as of Aug. 28. The total active rig count, which includes natural-gas rigs, was at 877, down 8 rigs. Compared to last year, the total rig count has fallen by 1,037, with the oil rig count down 900. Oct. crude was up $3.22, or 7.6%, at $45.78 a barrel on the New York Mercantile Exchange. It was trading at $45.42 just before the data.
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