U.S. Oil-Rig Count Rose by 7 in Latest Week
February 16 2018 - 1:52PM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. were up 7 this
week to 798, Baker Hughes, a GE company, reported.
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
June 2016.
The nation's gas rig count was down by 7 to 177 in the past
week, according to oil-field services company Baker Hughes.
The U.S. offshore-rig count was up by 2 from last week to 18,
which is unchanged from a year ago.
Oil prices were up 0.75% at $61.63 a barrel in afternoon trading
Friday.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
February 16, 2018 13:37 ET (18:37 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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