Oil hits fresh lows after US oil rig count

Oil prices edged lower on Friday and extended losses to fresh lows after data showed US active oil-rig count rose in the latest week.

Baker Hughes reported US active oil-rig count rose by 7 to 414 in the week ended Sep 3 while  total active drilling-rig count increased by 11 to 508.

West Texas Intermediate crude oil for October delivery was trading down over 3% at $46.08 a barrel from $46.26 before the data.

Prices were already under pressure on Friday as investors took profit following stockpiles-data inspired rally that sent WTI to a high of $47.75 a barrel.