U.S. Oil-Rig Count Rose by 1 in Latest Week
February 23 2018 - 01:44PM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. were up by one
this week to 799, Baker Hughes, a GE company, reported.
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
fell sharply. The oil-rig count has generally been rising since
June 2016.
The nation's gas rig count was up by 2 to 179 in the past week,
according to oil-field services company Baker Hughes.
The U.S. offshore-rig count was down by 1 from last week to 17,
which is unchanged from a year ago.
Oil prices were up 1% at $63.63 a barrel in afternoon trading
Friday.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
February 23, 2018 13:29 ET (18:29 GMT)
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