Gen Electric (NYSE:GE)
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3 Months : From Jul 2018 to Oct 2018
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.
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(END) Dow Jones Newswires
August 10, 2018 14:14 ET (18:14 GMT)
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