U.S. Oil-Rig Count Fell by Five in Latest Week -- Baker Hughes
October 13 2017 - 1:54PM
Dow Jones News
By Joshua Jamerson
The number of rigs drilling for oil in the U.S. fell by five in
the past week to 743, 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, low
oil prices put downward pressure on production and the rig count
fell sharply. The oil-rig count has generally been rising over the
past year, but last week, the count declined by two.
The nation's gas-rig count fell by two to 185 in the past week,
according to Baker Hughes.
The U.S. offshore-rig count came in at 20, compared with 22 last
week. The offshore-rig count is down three rigs year-over-year.
Oil prices climbed 1.7% to $51.45 a barrel in Friday trading.
Bullish Chinese crude import data and geopolitical risks from
oil-rich regions in the Middle East bolstered prices.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
October 13, 2017 13:39 ET (17:39 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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