U.S. Oil-Rig Count Falls in Latest Week
May 10 2019 - 1:45PM
Dow Jones News
By Patrick Thomas
The number of rigs drilling for oil in the U.S. fell by two in
the past week to 805, matching its one-year low, according to
oil-field services company Baker Hughes, a GE Company.
The nation's gas-rig count remained unchanged at 183 in the past
week, according to Baker Hughes.
The U.S. offshore-rig count also remained unchanged from last
week at 20, which is one more than a year ago.
Oil prices were 0.41% higher at $61.95 a barrel in afternoon
trading Friday.
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.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
May 10, 2019 13:30 ET (17:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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