Baker Hughes Inc (BHI.N)
21 Oct 2016
The number of rigs drilling for oil in the United States this week rose by the most in two months, extending its second-best streak of no cuts into a 17th straight week, with analysts expecting more additions as crude prices hold over $50 a barrel.
NEW YORK Oil prices settled down on Monday, weighed by oversupply concerns, with a spike in trade volume driving U.S prices below $50, but losses were limited amid a projected drop in American shale output.
* WTI dips below $50/bbl as traders sell contracts ahead of expiry
* Record OPEC output, economic slowdown also weigh on markets
* Dollar rally and oil rigs rise balanced by OPEC cut hopes (Recasts; updates market activity, comments to settlement)
NEW YORK Oil fell about 1 percent on Friday as players took profits on a rally over the past week that propelled prices nearly 15 percent to four-month highs on hopes of OPEC crude output cuts.
* Making non-OPEC members cut "would not make sense" -Brazil (New throughout, updating market activity and comments to settlement; adds Brazil response to OPEC plan)
The number of rigs drilling for oil in the United States rose this week, extending one of its best recoveries with no cuts for 15 straight weeks, with analysts expecting more additions after crude prices climbed back over $50 a barrel.
* International rig count for September 2016 was 934 down 3 from 937 counted in August 2016
* Valueact Capital Management L.P. reports 7.0 percent stake in Baker Hughes Inc as of september 28, 2016- SEC filing