Data from Baker Hughes /quotes/zigman/219109/composite BHI +1.61% Friday revealed that the number of active U.S. rigs drilling for oil rose by 6 to 597 rigs this week. That marked the fifth weekly increase in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 10 to 751, according to Baker Hughes. March West Texas Intermediate crude held onto earlier declines after the figures, trading down 15 cents, or 0.3%, at $53.21 a barrel on the New York Mercantile Exchange.
Read the full story:
Oil logs weekly drop on concerns over rise in U.S. crude supply and output