Oil prices fell more than 1% on Friday after the weekly report from oilfield services firm Baker Hughes revealed U.S. rig count decreased for a 27th straight week. The number of rigs exploring for oil in the United States fell by 7, the biggest drop since May, to a total of 635. This time last year, the rig count stood at 1,542.

View historical rig count in US

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Source: Baker Hughes