Oil prices rose on Friday as Baker Hughes (BHGE) posted a decline in the number of active drilling rigs.
The oilfield services company reported Friday, Dec. 15, that the count of active drilling rigs fell by one from last week to 930. The number of active oil rigs declined by four to 747, gas rigs increased by three to 183, and miscellaneous rigs remained unchanged at zero.
The U.S. Rig Count is up 293 rigs year-over-year from 637, with oil rigs up 237, gas rigs higher by 57, and miscellaneous rigs down by one. The U.S. Offshore Rig Count is down one rig from last week to 19 and down three rigs year-over-year.
West Texas Intermediate contracts for January delivery were up by about 0.5% to $57.34 a barrel at 1 p.m. EST on Friday.
More of What's Trending on TheStreet: