By Michael Tobin

The number of rigs drilling for oil in the U.S. fell by five in the past week to 779, according to oil-field services company Baker Hughes, a GE Company.

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 two to 174 in the week ended Friday, according to Baker Hughes.

The U.S. offshore-rig count is unchanged at 26, which is nine more than a year ago.

Oil prices were 0.01% lower at $55.41 a barrel in afternoon trading Friday.

Write to Michael Tobin at michael.tobin@wsj.com

(END) Dow Jones Newswires

July 19, 2019 13:23 ET (17:23 GMT)

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