West TX Oil Below $59 after Weekly Rig Count Falls by 1

WTI oil futures settled modestly lower on Friday after Baker Hughes reported its weekly U.S. oil rig count fell by just 1 rig.  The rig count has fallen every week since Dec. 12, though the pace of declines has fallen recently. The number of rigs drilling for crude in U.S. oilfields stands at 659, compared with 1,528 a year ago.

U.S. crude closed $1 lower, at $59.72 a barrel. July Brent crude was down $1.30 cents at $65.30 a barrel after closing up 2.3 percent on Thursday.

Oil fell more than 1 percent earlier on Friday as a rallying dollar and profit-taking ahead of a long U.S. holiday weekend cut short a two-day run-up in crude prices.