Crude Oil Crawls Above $43 As Rig Count Drops

Crude oil futures edged higher Wednesday as U.S. producers continued to shut down rigs amid tight margins.

With prices showing no sign of rising anytime soon, many companies have decided to streamline operations.

The US oil rig count fell by 9 to 555 this week, according to driller Baker Hughes. That’s down from above 1500 the same time a year ago.

U.S. crude oil for January was up 17 cents to $43.04 a barrel.

In economic news, the Labor Department said jobless claims fell to 260,000, a decrease of 12,000 from the previous week’s revised level of 272,000.

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