Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up by four to 520 this week. That followed a climb of 19 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 10 to 645, according to Baker Hughes. Oil prices continued to trade lower in Friday dealings as traders weighed progress toward an Iran nuclear agreement and the potential for a Russian invasion of Ukraine. March West Texas Intermediate crude was down 43 cents, or 0.5%, at $91.33 a barrel on the New York Mercantile Exchange.
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