Baker Hughes (NAS:BKR) on Friday reported that the number of active U.S. rigs drilling for oil dropped by 40 to 624 this week. That followed decline of 19 oil rigs the week before. The total active U.S. rig count, meanwhile, also declined by 44 to 728, according to Baker Hughes. Oil prices continued to fall in the wake of the data, with May West Texas Intermediate crude down $1.16, or 5.1%, at $21.44 a barrel. It traded at $21.52 shortly before the rig data.
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Plunge in global crude demand sends oil prices down for a 5th straight week