U.S. Oil Rig Count Falls to 788 -- Baker Hughes

The number of rigs drilling for oil in the U.S. fell by one in the past week to 788, the lowest level since February 2018, according to oil-field services company Baker Hughes.

The nation's gas-rig count declined by five to 181 in the past week, according to Baker Hughes, a GE company.

The U.S. offshore-rig count rose by one from last week at 24 rigs, which is four more than a year ago.

Oil prices were 0.84% higher at $52.71 a barrel in Friday afternoon trading.

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

June 14, 2019 13:27 ET (17:27 GMT)

Baker Hughes a GE (NYSE:BHGE)
Historical Stock Chart
From Jun 2024 to Jul 2024