Baker Hughes data reveal the biggest weekly drop in the U.S. oil-rig count since April

Baker Hughes

BHGE, -1.70%

on Friday reported that the number of active U.S. rigs drilling for oil declined by 16 to 754 this week. That was the biggest weekly decline since late April, when Baker Hughes reported a weekly drop of 20 oil rigs. The total active U.S. rig count, meanwhile, also fell by 19 to 916, according to Baker Hughes. October West Texas Intermediate crude

CLV19, -2.91%

continued to trade sharply lower following news of China’s plans for retaliatory tariffs on U.S. goods. Prices were down $1.99, or 3.6%, at $53.36 a barrel.

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