Baker Hughes BKR, -5.77% on Friday reported that the number of active U.S. rigs drilling for oil rose by seven to 461 this week. That followed increases in each of the previous three weeks, including a climb of four oil rigs last week, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by seven to stand at 563, according to Baker Hughes. Oil prices continued to trade sharply lower on concerns that Europe’s rise in COVID cases will hurt energy demand. December West Texas Intermediate crude CLZ21, -3.67% was down $2.77, or 3.5%, at $76.24 a barrel on the New York Mercantile Exchange.
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