Oil market sustains heavy losses, US crude tumbles 6%
Oil services company Baker Hughes reported an increase of 3 in the US oil rig count to 602 rigs last week.
Conversely, natural gas rigs fell by 2 to 160 rigs, while total oil and natural gas rigs rose by 1 to 762 rigs.
Oil prices swooned on Friday amid concerns about weakening global demand due to recession forecasts.
The decline comes after the Federal Reserve and other global central banks moved to aggressive tighten policies and raise interest rates this week.
Such decisions triggered concerns about a global recession that will hurt demand on commodities and services.
US crude futures due in November fell 6.1% to $78.4 a barrel as of 17:45 GMT.
Brent November futures fell 5.3% to $85.6 a barrel.
Baker Hughes reports increase in US oil rigs last week
Oil services company Baker Hughes reported an increase of 3 in the US oil rig count to 602 rigs last week.
Conversely, natural gas rigs fell by 2 to 160 rigs, while total oil and natural gas rigs rose by 1 to 762 rigs.
Dow Jones tumbles over 400 points
US stock indices lost ground on Friday on track for weekly losses amid concerns about a global recession.
The concerns come on the heels of aggressive policy tightening this week by the Federal Reserve and other global central banks to control runaway inflation.
Such decisions raise worries about a global recession, which will impact demand on commodities and services, as well spending patterns.
Earlier data showed US services PMI rose to 49.2 in September from 43.7 in the previous reading, beating estimates of 45.5.
The manufacturing PMI rose as well to 51.8 from 51.5, while analysts expected a dip to 51.0.
Dow Jones fell 1.4%, or 418 points to 29,659, while S&P 500 declined 1.7%, or 54 points to 3,692, as NASDAQ gave up 1.8%, or 217 points to 10,845.