Baker Hughes reports 18th straight weekly rise in the U.S. oil-rig count


Baker Hughes

BHI, +1.91%

on Friday reported that the number of active U.S. rigs drilling for oil climbed by 8 to 720 rigs this week. The latest data marked an 18th weekly rise in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, jumped by 16 to 901, according to Baker Hughes. Oil prices pared some of their gains in the wake of the data. June West Texas Intermediate crude

CLM7, +2.09%

was up 88 cents, or 1.8%, to $50.23 a barrel on the New York Mercantile Exchange for the session. It traded at $50.33 before the data.

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Oil ends above $50 for the first time in a month