Tue. Nov 12th, 2019

Baker Hughes data reveal a drop in the U.S. oil-rig count for a second week in a row

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Baker Hughes

BHGE, -0.30%

on Friday reported that the number of active U.S. rigs drilling for oil declined by 12 to 742 this week. That followed last week’s drop of 16 oil rigs, which was the biggest weekly decline since late April. The total active U.S. rig count, meanwhile, also fell by 12 to 904, according to Baker Hughes. October West Texas Intermediate crude

CLV19, -3.19%

continued to trade lower, down $1.48, or 2.6%, at $55.23 a barrel. It was trading around that same level before the rig data.

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