GE GE Aerospace

   By Aisha Al-Muslim 
 

The number of rigs drilling for oil in the U.S. were up by five this week to 820, Baker Hughes, a General Electric company, reported Friday.

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 unchanged at 192 in the past week, according to oil-field services company Baker Hughes.

The U.S. offshore-rig count was up by two from last week to 18, which is two fewer than a year ago.

Oil prices were down 0.2% at $68.20 a barrel in afternoon trading Friday.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

April 20, 2018 13:28 ET (17:28 GMT)

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