Baker Hughes, A GE Company Class A (NYSE:BHGE)
Historical Stock Chart
1 Month : From Nov 2018 to Dec 2018
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.
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(END) Dow Jones Newswires
December 07, 2018 13:31 ET (18:31 GMT)
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