U.S. Oil-Rig Count Fell by Four in Latest Week
September 06 2019 - 1:46PM
Dow Jones News
By Allison Prang
The number of rigs drilling for oil in the U.S. fell by four in
the past week to 738, according to oil-field services company Baker
Hughes, a GE Company.
The U.S. oil-rig count typically is 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 generally has been rising since the
summer of 2016.
The nation's gas-rig count fell by two to 160, according to
Baker Hughes.
The U.S. offshore-rig count is the same as last week at 28,
which is nine more than a year ago.
The price of West Texas Intermediate crude was 0.6% higher at
$56.66 a barrel in afternoon trading Friday.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
September 06, 2019 13:31 ET (17:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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