Oil rig count climbs by 2

The US oil rig count rose by two to 452 this week, according to driller Baker Hughes.

Last week, the tally climbed by nine. Demand for oil rigs rose in the second half of the year as crude prices stabilized in a price range between $40 and $50 per barrel.

Crude oil fell on Friday after the Organization of Petroleum Exporting Countries reported another jump in production in October. OPEC pumped 33.64 million barrels per day, up from 240,000 in September, according to its monthly report.

West Texas Intermediate crude oil futures for December delivery fell by as much as 2% to $43.75 per barrel, close to the lowest level in nearly two months.

More to come ...

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