Oil prices continue higher as Baker Hughes reports a tenth weekly fall in U.S. oil rig count
Oil prices held onto their gains after data Friday from Baker Hughes showed that the number of active U.S. oil-drilling rigs fell for a tenth week in a row. It was down by 13 to 400 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 12 at 502. Compared to last year, the total U.S. rig count has fallen by 765, with oil rigs down by 586. April crude was at $33.42 a barrel on the New York Mercantile Exchange, up 35 cents, or 1.1%. It was trading at $33.47 before the data.
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