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Baker Hughes data show U S oil-drilling rigs up by 13 for the week

Baker Hughes data show U.S. oil-drilling rigs up by 13 for the week Baker Hughes on Thursday reported that the number of active U.S. rigs drilling for oil climbed by 13 to 337 this week. The data were released a day early because markets will be closed for Good Friday. The total active U.S. rig count, which includes those drilling for natural gas, was also up by 13 at 430, according to Baker Hughes. May West Texas Intermediate crude continued to climb as traders weighed a decision by major oil producers to gradually raise production from May through July. The contract was up $1.80, or 3%, to $60.96 a barrel on the New York Mercantile Exchange.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Bank Of China Gets Tiny Fine For Negative Oil Price Disaster

Premium Content Bank Of China Gets Tiny Fine For Negative Oil Price Disaster By Alex Kimani - Dec 11, 2020, 4:00 PM CST The global oil market descended into a new low in April after oil prices crashed into negative prices for the first time ever. On April 20, May West Texas Intermediate (WTI) futures contract sunk by an unprecedented 310% to minus $38.45/barrel, marking the first time that a futures contract for U.S. crude prices went negative and wiped out thousands of investors. Negative oil price is a bizarre situation that essentially means that oil producers have to pay traders to take the worthless oil off their hands.

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