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Marathon Oil (MRO) Stock Higher as Oil Prices Gain

NEW YORK (TheStreet) -- Marathon Oil (MRO - Get Report) shares are higher by 0.5% to $12.13 on Friday afternoon as oil futures rallied after new rig count data from Baker Hughes (BHI).

Last week, the number of rigs operating in U.S. oilfields dropped by 4 to a total of 328. During the same time last year, drillers were operating a total of 669 rigs.

Also giving oil prices a boost today was a huge wildfire in Alberta, Canada that forced oil-sands companies in the area to close down operations yesterday, Reuters reports.

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