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Crude Oil Jumps Along With Rig Count

Crude oil prices rose Friday after Baker Hughes said the U.S. oil rig count unexpectedly climbed this week.

Baker Hughes said the number of active U.S. rigs drilling for oil rose by 5 to 863 this week.

WTI light sweet oil was up 83 cents to $73.77 an ounce. Bargain hunters swooped in after oil slipped from a recent 4-year high.

Employment in the U.S. increased by more than expected in the month of June, according to a report released by the Labor Department on Friday.

The report said non-farm payroll employment jumped by 213,000 jobs in June after surging up by an upwardly revised 244,000 jobs in May. However, the unemployment rate rose to 4.0 percent in June from 3.8 percent in May, as temporary school jobs ended for the summer.

by RTTNews Staff Writer

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