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2/6/2010 3:32 AM

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U.S. rig count

rises by 18

HOUSTON - The number of rigs actively exploring for oil and natural gas in the U.S. rose by 18 this week to 1,335.

Houston-based Baker Hughes Inc. said Friday that 878 rigs were exploring for natural gas and 445 for oil. Twelve were listed as miscellaneous. A year ago this week, the rig count stood at 1,399.

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Of the major oil- and gas-producing states, Oklahoma and Texas each gained three rigs, New Mexico and West Virginia each gained two, and Arkansas, Colorado, Louisiana, North Dakota and Wyoming each gained one. Alaska, California and Pennsylvania were unchanged.

The rig count tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted a record low of 488 in 1999.

Consumer borrowing falls for 11th month

WASHINGTON - Americans borrowed less for an 11th consecutive month in December, paying off credit cards while increasing borrowing for cars and other products.

The mixed picture raises hopes that Americans may soon return to spending, a necessary condition for economic recovery.

But the record 11-month decrease in overall borrowing shows consumers are still holding back amid lingering economic uncertainty and 9.7 percent unemployment.

The Federal Reserve said Friday that total borrowing dropped by $1.8 billion - far less than the revised $10.6 billion for November. It also was well below the $9 billion analysts had expected.

Borrowing on credit cards fell by $8.5 billion, while other types of loans increased by $6.8 billion.

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