Baker Hughes BKR, +4.00% on Friday reported that the number of active U.S. rigs drilling for oil fell by 10 to 674 this week. That followed declines in each of the last three weeks. The total active U.S. rig count, meanwhile, also fell by 11 to 806, according to Baker Hughes. Oil prices continued their climb, with December West Texas Intermediate crude CLZ19, +1.73% was up 97 cents, or 1.7%, at $57.74 a barrel-little changed from before the rig data.
Oil futures climb on Friday to trade near the session’s best level and turn higher for the week, with optimism over phase one of a potential U.S.-China trade deal lifting prospects for energy demand, even as traders weigh a conflicting outlook for crude supplies.