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Marathon Oil (MRO) Shares Are Up on Rising Oil Prices

NEW YORK (TheStreet) -- Shares of Marathon Oil (MRO - Get Report) were gaining 4.9% to $18.41 on Friday as oil prices ticked higher after the number of active oil rigs in the U.S. fell for the ninth week in a row.

WTI crude oil for December delivery was up 0.76% to $46.41 a barrel Friday afternoon, and Brent crude oil for December delivery was up 1.31% to $49.44 a barrel.

Oilfield services company Baker Hughes (BHI) said the number of active oil rigs in the U.S. fell by 16 rigs in the week. The decrease brings the U.S. rig count to 578 rigs, the lowest level since June 2010.

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The lower rig count is a sign that low prices are keeping oil companies from producing as much crude, and could signal lower production over the next several months, according to Reuters.

On Thursday, Marathon Oil cut its quarterly dividend to 5 cents a share from 21 cents a share. The new dividend is payable on December 10 to all shareholders of record as of the close of business on November 18.

TheStreet Ratings team rates MARATHON OIL CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about...