U.S. Oil-Rig Count Rose by Nine in Latest Week
May 12 2017 - 1:55PM
Dow Jones News
By Joshua Jamerson
The number of rigs drilling for oil in the U.S. rose by nine to
712 in the past week, according to oil-field services company Baker
Hughes Inc.
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, production was weighed
by low oil prices, and the rig count receded. However, the oil-rig
count has generally been rising since last summer as U.S.
production ramps up -- even in the face of concerns about a global
supply glut.
The nation's gas-rig count fell by one to 172 in the past week,
according to Baker Hughes.
The U.S. offshore-rig count rose 2 rigs from last week to 21,
down one rig year over year.
On Friday, crude-oil prices eased, biting into gains for the
week, as traders parsed inventory data and look to the global oil
cartel to extend a production-cut deal later this month. U.S. oil
prices recently slipped 0.9%, to $47.41 a barrel
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
May 12, 2017 13:40 ET (17:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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