U.S. Oil Rig Count Snaps Seven-Week Decline
October 11 2019 - 1:47PM
Dow Jones News
By Maria Armental
The number of rigs drilling for oil in the U.S. rose by two in
the past week to 712, snapping seven weeks of declines, according
to oil-field services company Baker Hughes.
The nation's gas-rig count continued the downward trend, falling
by one in the latest period to 143 rigs, according to the
company.
The U.S. offshore-rig count was again unchanged at 24 rigs, one
more than a year ago.
The U.S. oil-rig count 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 has generally been rising since the summer of
2016.
Global oil benchmark Brent crude traded up Friday 1% at $60.21 a
barrel, while West Texas Intermediate crude, the U.S. price
benchmark, traded up to $54.39 a barrel.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 11, 2019 13:32 ET (17:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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