U.S. Oil Rig Count Rises for Second Straight Week

Date : 10/18/2019 @ 5:42PM
Source : Dow Jones News

U.S. Oil Rig Count Rises for Second Straight Week

   By Maria Armental 

The number of rigs drilling for oil in the U.S. rose by one in the past week to 713, the second week it increased after seven weeks of declines, according to oil-field services company Baker Hughes.

The nation's gas-rig count, however, continued the downward trend, falling by six in the latest period to 137 rigs, according to the company.

The U.S. offshore-rig count fell by two to 22 but is up by two compared with a year ago.

The U.S. oil-rig count is 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.

Global oil benchmark Brent crude traded lower Friday around $59.17 a barrel, while West Texas Intermediate crude, the U.S. price benchmark, traded down around $53.49 a barrel.


Write to Maria Armental at maria.armental@wsj.com


(END) Dow Jones Newswires

October 18, 2019 13:27 ET (17:27 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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