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(Reuters) -U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the second week in a row, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, remained at 589 in the week to Dec. 20. That puts the total rig count down 31 rigs, or 5% below this time last year.
Baker Hughes said oil rigs were up one to 483 while natural gas rigs were down one to 102. The oil rig count was the highest since September.
Trump said he wants the European Union to conduct large-scale purchases of American oil and gas and threatened tariffs if they don’t, adding to wider economic concerns as the US government is facing an imminent shutdown over funding plans. The Federal Reserve on Wednesday scaled back the number of cuts it expects next year, signaling a more hawkish approach to inflation.
Crude pared losses and US equities pushed higher on Friday after the central bank’s preferred gauge of inflation came in muted for November, signaling that the selloff on the Fed’s announcement was overdone.
U.S. stocks closed sharply higher Friday, with all three major indexes bouncing as investors appeared relieved that fresh data showed inflation rose slightly less in November than forecast.
The Dow Jones Industrial Average rose 498.02 points, or 1.2%, to close at 42,840.26, losing steam in afternoon trade but still finishing with its biggest gain since the day after the U.S. presidential election held in early November.
The S&P 500 climbed 63.77 points, or 1.1%, to end at 5,930.85.
The Nasdaq Composite gained 199.83 points, or 1%, to finish at 19,572.60.
But all three indexes booked weekly losses after stocks slumped Wednesday on the Federal Reserve signaling a potentially slower pace of interest-rate cuts next year. The Dow dropped 2.3%, logging a third straight week of declines. The S&P 500 saw a weekly loss of 2%, while the technology-heavy Nasdaq declined 1.8% for the week.
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