Oil prices were up over 2.3% on Friday as Baker Hughes (BHGE) reported a boost in the count of active drilling rigs.
The oil conglomerate reported Friday, November 17, that the count of active drilling rigs increased by eight from last week to 915, with oil rigs unchanged at 738, gas rigs up eight to 169, and miscellaneous rigs unchanged.
The U.S. Rig Count is up 327 rigs year-over-year from 588, with oil rigs up 267, gas rigs higher 61, and miscellaneous rigs down 1 to 1. The U.S. Offshore Rig Count is up three rigs from last week to 21 and down two rigs year-over-year.
West Texas Intermediate contracts for December were higher over 2.3% in afternoon trading on Friday to $56.43 per barrel.
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