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By Waverly Colville
The number of rigs drilling for oil in the U.S. rose by 10 in the past week to 869, according to oil-field services company Baker Hughes.
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 three to 186, according to Baker Hughes, a GE company.
The U.S. offshore-rig count is up three from last week at 20, which is two more than a year ago.
Brent crude, the global oil benchmark, was up 1% to $72.87 a barrel on London's Intercontinental Exchange in Friday afternoon trading. On the New York Mercantile Exchange, West Texas Intermediate futures rose 1.2% to $67.58 a barrel.
Write to Waverly Colville at email@example.com
(END) Dow Jones Newswires
August 10, 2018 14:14 ET (18:14 GMT)
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