Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up by four to 584 this week. That followed an increase of six oil rigs the week before, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, climbed by seven to 740, according to Baker Hughes. Oil prices continued to trade sharply lower. June West Texas Intermediate crude was down $7.77, or 6.6%, at $109.82 a barrel on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
