Baker Hughes reports biggest weekly rise in U.S. oil-drilling rigs since October


Baker Hughes BKR, +4.53% on Friday reported that the number of active U.S. rigs drilling for oil was up by 11 to 492 this week. That followed a rise of just one oil rig the week before, and marked the biggest weekly climb since October, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, climbed by 13 to 601, according to Baker Hughes. Oil prices continued to trade higher in Friday dealings, finding support as worsening tensions between Russia and Ukraine raised concerns over a potential disruption to global crude supplies. February West Texas Intermediate crude CLG22, +2.62% was up $1.78, or 2.2%, at $83.90 a barrel on the New York Mercantile Exchange.

Source: Marketwatch

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