Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil dropped by 8 to 507 this week. The total active U.S. rig count, which includes those drilling for natural gas, fell 11 to 630, according to Baker Hughes. Oil prices traded modestly higher on Friday afternoon, with West Texas Intermediate crude futures for November delivery CL00CLX23 edged up 67 cents, or 0.7%, to $90.23 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.