U.S. Oil-Rig Count Down by Three in Latest Week -- Baker Hughes
November 21 2018 - 1:46PM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. fell by three
this week to 885, Baker Hughes, a GE company, reported
Wednesday.
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 194 in the past
week, according to the oil-field services company.
The U.S. offshore-rig count was up three from last week to 25,
which is three more than a year ago.
Oil prices were up 3.4% to $55.27 a barrel in Wednesday
afternoon trading.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
November 21, 2018 13:31 ET (18:31 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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