U.S. Oil-Rig Count Fell by 10 in Latest Week

Date : 12/07/2018 @ 6:46PM
Source : Dow Jones News
Stock : Baker Hughes, A GE Company Class A (BHGE)
Quote : 21.41  -0.16 (-0.74%) @ 2:53PM

U.S. Oil-Rig Count Fell by 10 in Latest Week

Baker Hughes, A GE Company Class A (NYSE:BHGE)
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   By Patrick Thomas 
 

The number of rigs drilling for oil in the U.S. fell by 10 in the past week to 877, according to oil-field services company Baker Hughes, a GE Company.

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 the summer of 2016.

The nation's gas-rig count rose by 9 to 198 for the week, according to Baker Hughes.

The U.S. offshore-rig count was unchanged from last week at 23, which is three more than a year ago.

Brent crude, the global oil benchmark, was up 5.04% to $63.09 a barrel on London's Intercontinental Exchange in Friday afternoon trading. On the New York Mercantile Exchange, West Texas Intermediate futures rose 4.53% to $53.82 a barrel.

 

Write to Patrick Thomas at patrick.thomas@wsj.com

 

(END) Dow Jones Newswires

December 07, 2018 13:31 ET (18:31 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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