U.S. Oil Rig Count Falls by 14 in Latest Week
September 20 2019 - 1:49PM
Dow Jones News
By Patrick Thomas
The number of rigs drilling for oil in the U.S. fell by 14 in
the past week to 719, its lowest level in more than two years,
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 to 148 rigs, according
to Baker Hughes.
The U.S. offshore-rig count was down one from last week at 25
rigs, which is five more than a year ago.
Oil prices were 1.32% higher at $58.96 a barrel in afternoon
trading Friday.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
September 20, 2019 13:34 ET (17:34 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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