US Oil Drilling Rigs Rose For Fourth Week

Baker Hughes reported, Friday, that the number of active U.S. rigs drilling for oil rose by seven to 461 this week.

The new figures followed increases in each of the previous three weeks, including a climb of four oil rigs last week, Baker Hughes data shows.

The total active U.S. rig count, which includes those drilling for natural gas, also surged by seven to stand at 563, according to Baker Hughes.

December West Texas Intermediate crude was down $2.77, or 3.5%, at $76.24 a barrel on the New York Mercantile Exchange.

Oil prices continued to trade sharply lower on concerns that Europe’s COVID cases increase could lead to lockdown anew and could hurt energy demand.