U.S. Oil-Rig Count Falls for Sixth Straight Week
March 29 2019 - 1:47PM
Dow Jones News
By Patrick Thomas
The number of rigs drilling for oil in the U.S. fell by eight in
the past week to 816, according to oil-field services company Baker
Hughes, a GE Company, its lowest level in nearly a year.
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 fell by two to 190 in the past week,
according to Baker Hughes.
The U.S. offshore-rig count is up three rigs from last week at
23, which is 11 more than a year ago.
Oil prices were 1.35% higher at $60.10 a barrel in afternoon
trading Friday.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
March 29, 2019 13:32 ET (17:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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