WASHINGTON (dpa-AFX) - Crude oil futures fell Friday, staying smack dab in the middle of a stubborn trading range amid further signs that U.S. production is spiking.
Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil rose by 6 to 597 rigs this week, for the fifth weekly increase in a row.
Earlier in the week, the Energy Information Administration said U.S. crude oil and gasoline inventories soared to record highs.
Slumping demand for gas at higher prices also weighed on oil prices.
March WTI was oil up 4 cents, or less than 0.1%, to settle at $53.40/bbl.
Prices were down 0.9% for the week, even after OPEC reported 93% compliance with its supply quota plan.
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