2018.03.2914:49:00UTC+00Crude Oil Trims Weekly Losses, Rig Count Slips

Crude oil futures rose Thursday after a surprising decline in the U.S. oil rig count.

That's after Baker Hughes said that the number of active U.S. rigs drilling for oil fell by seven to 797 this week.

This may be hinting that the U.S. shale oil boom is slowing after strong production earlier in the year.

Meanwhile, Reuters reports Saudi Arabia and Russia are considering a plan that would have them coordinate on supply quotas for up to 20 years in hopes of boosting oil prices.

May WTI oil gained 56 cents, or 0.9%, to settle at $64.94/bbl. Prices were down this week, but higher for the month and quarter.

First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended March 24th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims dipped to 215,000, a decrease of 12,000 from the previous week's revised level of 227,000.