U.S. Oil Rig Count Falls After Rising for Two Straight Weeks
April 18 2019 - 1:46PM
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 825, according to oil-field services company Baker
Hughes.
The nation's gas-rig count decreased by two to 187 in the past
week, according to Baker Hughes.
The U.S. offshore-rig count is unchanged from last week at 23,
which is five more than a year ago.
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.
Oil prices were 0.22% lower at $63.73 a barrel in afternoon
trading Thursday.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
April 18, 2019 13:31 ET (17:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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