Baker Hughes BKR, +0.37% on Friday reported that the number of active U.S. rigs drilling for oil rose by 4 to 501 this week. That followed three consecutive weeks of declines. The total active U.S.
rig count, which includes those drilling for natural gas, also climbed by 3 to stand at 622, according to Baker Hughes. Oil prices continued to trade higher in Friday dealings as worsening developments in the Israel-Gaza war raised the risk of disruptions to the oil market in the Middle East. November West Texas Intermediate crude CLX23, +5.15% was up $4.38, or 5.3%, at $87.29 a barrel on the New York Mercantile Exchange.
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