Oil slides in thin trade on rising U.S. rig count

Oil prices dropped on Friday as a rising U.S. rig count stoked more concern about global oversupply while the opening of an investigation by Chinese regulators into suspected stock market manipulation further unsettled the market. A sharp move lower in late-morning U.S. trade was exacerbated by thin market liquidity, with many U.S. market participants off for the Independence Day holiday. U.S. oil drilling increased this week after 29 consecutive weeks of declines, a sign U.S. crude production m