U.S. Oil Rig Count Rises to 770
August 16 2019 - 1:43PM
Dow Jones News
By Patrick Thomas
The number of rigs drilling for oil in the U.S. rose by six in
the past week to 770, 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 declined by four to 165 in the past
week, according to Baker Hughes.
The U.S. offshore-rig count increased by two from last week at
27 rigs, which is six more than a year ago.
Oil prices were 0.31% higher at $54.64 a barrel in afternoon
trading Friday.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
August 16, 2019 13:28 ET (17:28 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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