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Noble Corp. (NE) Stock Gains With Oil Prices as Rig Count Drops

NEW YORK (TheStreet) -- Noble Corp. (NE - Get Report) stock is increasing by 1.14% to $12.46 in afternoon trading on Friday, after oil prices rose following a decrease in the U.S. rig count.

WTI crude is up 2.07% to $47.34 per barrel, while Brent crude is rising 1.51% to $50.48 per barrel this afternoon, according to the index.

U.S. companies took 10 oil rigs out of production in the week ended October 16, dropping the total rig count to 595, according to Baker Hughes (BHI) data, Reuters reports.

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"The current rig count is still pointing to U.S. production declining sequentially between the second and fourth quarters of 2015 by 255,000 barrels a day," Goldman Sachs analysts said, Reuters added.

London-based Noble Corp. is an offshore drilling contractor...