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UPDATE: Oil prices drop nearly 10% for the week2-9-18 3:18 PM EST

Oil prices fell Friday (, with the U.S. benchmark marking its lowest settlement in seven weeks. A report from Baker Hughes (BHGE) on Friday revealed that the number ( of active U.S. rigs drilling for oil climbed by 26--the largest weekly rise in more than a year. The uptick in drilling activity fed concerns about growing U.S. production. March West Texas Intermediate crude fell $1.95, or 3.2%, to settle at $59.20 a barrel on the New York Mercantile Exchange. Steep losses in the global stock market this week also contributed to oil's losses.

-Myra P. Saefong; 415-439-6400;


(END) Dow Jones Newswires

02-09-18 1518ET

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