U.S. Oil Rig Count Falls by One
August 04 2017 - 2:17PM
Dow Jones News
By Ali Stratton
The number of rigs drilling for oil in the U.S. fell by one in
the past week to 765, according to oil-field services company Baker
Hughes, now a unit of General Electric Co.
The U.S. oil-rig count is typically viewed as a proxy for
activity in the sector. After the rig count peaked at 1,609 in
October 2014, low oil prices put downward pressure on production
and the count receded. However, the oil-rig count has generally
been rising since the summer of 2016.
The nation's gas-rig count fell by three to 189 in the past
week, according to Baker Hughes.
The U.S. offshore-rig count fell by seven to 17.
West Texas Intermediate futures rose 0.71% to $49.38 a barrel in
recent trading.
(END) Dow Jones Newswires
August 04, 2017 14:02 ET (18:02 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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