U.S. Oil-RIg Count Falls to 776 in Latest Week
July 26 2019 - 1:57PM
Dow Jones News
By Michael Tobin
The number of rigs drilling for oil in the U.S. fell by three in
the past week to 776, 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 fell by five in the week ended
Friday, according to Baker Hughes.
The U.S. offshore-rig count fell by one, which is nine more than
a year ago.
Oil prices were 0.2% lower at $56.17 a barrel in afternoon
trading Friday.
Write to Michael Tobin at michael.tobin@wsj.com
(END) Dow Jones Newswires
July 26, 2019 13:42 ET (17:42 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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