U.S. Oil-Rig Count Rises by Nine
April 28 2017 - 2:02PM
Dow Jones News
By Austen Hufford
The number of rigs drilling for oil in the U.S. rose by nine in
the past week to 697, according to oil-field services company Baker
Hughes Inc.
The U.S. oil-rig count is typically viewed as a proxy for
activity in the sector. After peaking at 1,609 in October 2014, low
oil prices put downward pressure on production and the rig count
receded. However, the oil-rig count has generally been rising since
last summer.
The nation's gas-rig count rose by four to 171 in the past week,
according to Baker Hughes.
The U.S. offshore-rig count fell three rigs from last week to
17, which is down eight rigs year over year.
On Friday, oil prices rose 0.5% to $49.21.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
April 28, 2017 13:47 ET (17:47 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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